Financial Results
Swiss Cantonal Bank Logs Rise In Operating Profit; Low Rates Cause Headwind
A Swiss cantonal bank reported a gain in profit but also highlighted the pressures caused by wafer thin, or indeed negative, interest rates.
Banque Cantonale Vaudoise, the Swiss bank, said operating profit
in the first nine months of this year rose 9 per cent
year-on-year to SFr390 million ($388 million), while total
revenues rose 4 per cent to SFr773 million.
The bank said its interest income fell 3 per cent to SFr369
million against the backdrop of low interest rates in the Alpine
state. Fee and commission income also declined, by 3 per cent to
SFr251 million.
Group assets under management fell 2 per cent to SFr84.8 billion.
Inflows of onshore funds totalled SFr2.1 billion, while outflows
of offshore funds amounted to SFr724 million. That resulted in
net new money of SFr1.4 billon for the period.
