Reports

Swiss Cantonal Bank Reports Slight Fall In Q3 Operating Profit

Tom Burroughes Group Editor London 14 November 2013

Swiss Cantonal Bank Reports Slight Fall In Q3 Operating Profit

Banque Cantonale Vaudoise said today that in the third quarter of 2013 it logged an operating profit of SFr351 million ($383.2 million), a 4 per cent year-on-year fall from the same quarter of 2012.

Banque Cantonale Vaudoise, the Swiss bank, said today that in the third quarter of 2013 it logged an operating profit of SFr351 million ($383.2 million), a 4 per cent year-on-year fall from the same quarter of 2012.

Net fee and commission income was SFr257.8 million, a 1.0 per cent rise from a year ago; net interest income fell 5 per cent year-on-year to SFr374.6 million, the bank said in a statement.

Operating expenses for the quarter were SFr392 million, a 1.0 per cent decrease over the 12-month period.

The firm said its results “were in line with the trend observed thus far this year. While business volumes were once again on the rise, the low-interest-rate environment and the bank’s strategy of moderate growth in mortgage lending weighed on revenues”.

 

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes