Commerzbank’s Swiss operations reported a 19 per cent fall in net profits to SFr18.3 million ($15 million) in 2005, according to its annual ...

Commerzbank’s Swiss operations reported a 19 per cent fall in net profits to SFr18.3 million ($15 million) in 2005, according to its annual report. Revenues declined 4 per cent last year to SFr59.3 million. The Zurich-based business of the German bank said operating costs rose 11 per cent to SFr31.8 million, with hiring of new staff and investment in future growth leading to the rise. The bank said assets under management including fiduciary deposits rose 9 per cent to SFr4.9 billion, with approximately one-third of the rise from new money.