Reports
Switzerland's Raiffeisen Group, Notenstein Subsidiary Report Strong 2013 Results
Raiffeisen Group, the Swiss banking group that is parent to Notenstein, the private bank, has reported a gross profit of SFr1.068 billion ($1.21 billion) for 2013, a 15.2 per cent rise from the year before and the highest level ever.
The St Gallen-headquartered Raiffeisen Group,
the Swiss banking group that is parent to Notenstein, the private
bank, has reported a gross profit of SFr1.068 billion ($1.21
billion) for 2013, a 15.2 per cent rise from the year before and
the highest level ever.
Raiffeisen's operating income rose to SFr2.791 billion, up 2.9
per cent, it said in a statement. Savings and investment deposits
increased by SFr6.5 billion, or 6.3 per cent, to SFr109.6
billion, it said.
The bank’s total capital ratio stood at 1.4.9 per cent, above the
14.8 per cent target it had set for July this year.
Notenstein
Earnings from the commission and service business – the core
business of Notenstein Privatbank – grew “solidly” in 2013 from
SFr115 million to SFr125 million, it said. (This firm acquired a
chunk of the assets that had been managed by now-defunct Wegelin,
Switzerland’s oldest private bank.)
Assets under management rose from around SFr21 billion to SFr28
billion, the statement said.
"Despite high regulatory expenses and the investments we made in
our client advisory service, we have kept costs stable. Overall
profitability has thus improved. The profit we have generated is
for the most part being retained, as it is standard practice for
our cooperative group. This strengthens our capital base, which
benefits our 1.8 million members throughout Switzerland,”
Raiffeisen Group executive board chairman Pierin Vincenz,
said.
As of end-December last year, the Raiffeisen Group had SFr187
billion in assets under management and SFr151 billion in loans to
clients.
