Credit Agricole Suisse has reported consolidated net profit of SFr130.2 million (approximately $140.6) for 2012, compared with SFr158.1 million in 2011, amid what it says have been “tough conditions”.

“The year was marked yet again by a deepening economic crisis, low interest rates and a strong Swiss franc. The bank’s performance helped maintain the Credit Agricole Group’s solid position in Switzerland while strengthening its capital base, evidenced in a Core Tier 1 ratio of 13.2 per cent,” the bank said in a statement released this week.

In 2012 Credit Agricole Suisse showed that it was both stable and quick to respond to challenging economic conditions, regulatory changes and concerns among private banking clients about financial market uncertainty, the statement continued. 

At 31 December 2012 operating income totalled SFr601.8 million, compared with SFr632.5 million in 2011. After deducting expenses of SFr392.3 million (versus SFr398 million in 2011), consolidated gross operating profit was SFr209.5 million against SFr234.5 million in 2011.

Consolidated net profit after depreciation, amortisation, provisions and tax was SFr130.2 million in 2012, compared with SFr158.1 million in 2011.

The total headcount was stable, with close to 1,400 employees at 31 December 2012. Over the past year, the bank strengthened its sales teams in Switzerland and Asia and recruited additional IT staff, it said.

Credit Agricole (Suisse)'s 2012 consolidated shareholders’ equity, defined by Article 18 OFR (Tier 1), came to SFr1.541 billion after appropriation of income, compared with SFr1.530 billion in 2011. At 31 December 2012 the Tier 1 capital ratio was steady at 13.2 per cent.

“Operational excellence is a top priority for our teams in order to ensure our business develops profitably and sustainably. Our results are evidence of this, despite tough market conditions,” said chief executive, Hervé Catala.

“Thanks to the personal dedication of each and every member of staff, Crédit Agricole Suisse was able to achieve results in line with the targets set by our shareholder. With our international reach, top-flight teams and loyal clients, we have high hopes for 2013,” he continued.

Private banking AuM

Private Banking is Crédit Agricole Suisse’s main business, contributing 70 per cent of revenues. At 31 December 2012, the bank’s total assets under management rose nearly SFr1 billion to SFr44.9 billion, compared with SFr44 billion in 2011.

Another highlight of 2012 for CAS was the full deployment of its Hong Kong office, including the booking centre opened in 2011.

“Its aim is to fully capitalise on the Greater China market with both a local presence and a range of specialist services. Crédit Agricole Suisse’s Asian operations now boast broad geographic reach, with a presence in both the north and the south, as well as extensive commercial coverage with high-level expertise across the region,” the bank’s statement said.

“With strong backing from the Crédit Agricole Group, the bank will continue expanding into all growth regions in 2013, notably Asia and the Middle East, where it will strengthen its teams, as well as in Latin America and Eastern Europe,” the bank concluded.