Loan Products

Revenues from loan products slid 4% to 224 million reflecting widening credit spreads and increased 3% to 974 million euro for the year on sales of equity from restructured loans.

General Transaction Banking Corporate Division

In the GTB division, fourth quarter revenues increased 12% to 657 million euro on strong growth in Cash Management, Trade Finance, Trust & Securities Services. In addition, the introduction of the Single Euro Payments Area also positively impacted on revenues.

In particular Cash Management Customer Balances grew 23%.

Full-year revenues in the GTB division increased 16% to 2.6 billion euro.

Private Clients and Asset Management Group

Fourth-quarter revenues in PCAM increased 3% to 2.5 billion euro from a year ago, while provision for losses rose 27% to 136 million euro.

For the year ended December 31st PCM net revenues grew 9% to 10.1 billion euro and provision for credit losses jumped 28% to 501 million euro. Net new money was 13 billion euro, with 8 billion euro having been generated by Asset ad Wealth Management and 5 billion euro from Private Business clients.

Asset and Wealth Management Corporate Division

Net revenues in the division slumped 3% to 1.1 billion euro. Portfolio and Fund Management revenue fell 15% to 107 million euro.

For the year, net revenues gained 5% to 208 million euro on acquisition-related business and organic growth.

Private Business & Clients Corporate Division

During the year there was increased business in the deposits and lending business. In the fourth quarter new assets of 5billion euro, while for the year new assets were 19 billion euro.

PBC acquired 365,000 new clients in the fourth quarter bringing the total to 13.8 million.

Outlook

According to the Chief Executive Officer Josef Ackermann although uncertainties still continue in the markets, the company still will strive to gain market share.

Commented Ackermann: “Notwithstanding short-term uncertainties, the longer-term trends shaping our industry are moving in our direction. We have shown resilience in 2007. We face the future with confidence. As a result, we re-affirm our vision of delivering a pre-tax profit of 8.4 billion euro in 2008.”