Lausanne-based Banque Cantonale Vaudoise has reported that its revenues increased by 2 per cent to SFr996 million ($1,071 million) in 2010. Operating profit also rose 2 per cent, to SFr480 million, and net profit increased by 4 per cent to SFr314 million after a one-off tax charge of SFr34 million. Excluding this factor, net profit would have risen 13 per cent. Continuing its policy announced in 2008, BCV will return SFr275 million to shareholders.

Fee and commission income rose 7 per cent to SFr352 million, mainly owing to an increase in fees and commissions from wealth management, which were up 4 per cent to SFr288 million, the firm said.

Net new money for the period was solid at SFr758 million. Private client and SME segments continued to bring in net new money (SFr 1.3 billion), but short-term deposits by large corporate and institutional clients shrank by SFr0.5 billion. Assets under management declined 1 per cent to SFr75.8 billion.