Financial Results

Profits Nudge Higher At Cantonal Swiss Bank

Tom Burroughes Group Editor 20 February 2015

Profits Nudge Higher At Cantonal Swiss Bank

One of the cluster of cantonal Swiss banks, BCV, reported a small rise in profits for AuM and a slight overall outflow of assets in 2014.

Banque Cantonale Vaudoise, the Swiss bank, said operating profit for 2014 rose 1 per cent year-on-year to stand at SFr467 million, while net profit rose 6 per cent to SFr296 million ($312 million).

Directors will propose an ordinary dividend of SFr22 per share, as well as a special distribution of SFr10 per share from paid-in reserves, a total payout of SFr275 million, it said in a statement.

Total revenues were unchanged year-on-year at SFr993 million. Interest income held steady at SFr504 million, the bank said.

Assets under management rose 3 per cent over the year to SFr86.4 billion. Strong market gains, BCV said, offset net fund outflows of SFr1.9 billion. The aggregate net came about because an inflow of SFr800 million from small and medium enterprises in the region and onshore retail and private banking customers, coupled was not enough to outweigh outflows of SFr1.5 billion among large corporate and institutional clients and SFr1.2 billon among offshore clients.

Equity capital was SFr.3 billion, equating to a capital ratio of 17.2 per cent, which attests to the bank’s financial solidity. Standard & Poor's reaffirmed BCV’s AA rating.

 

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