Revenues Rise Slightly At Switzerland's BCV

Tom Burroughes

10 November 2011

Total revenues at Swiss-based Banque Cantonale Vaudoise in the nine months to the end of September 2011 rose 1 per cent year-on-year to SFr384 million (around $420 million), while fee and commission income increased 1 per cent to SFr266 million, it said today.

A SFr15 million revenue stream from Banque Franck Galland & Cie offset the negative impact of financial market turbulence, the bank said in a statement.

Trading income rose by 18 per cent to SFr86 million as a result of strong customer-driven forex activities.

Other ordinary income fell SFr24 million (down 26 per cent) due to a base effect relating to non-recurring property sales in 2010. Banque Franck Galland & Cie, which became part of BCV Group on 8 February 2011, contributed SFr19 million to total revenues.

Total operating expenses grew 4 per cent (up SFr17 million) to SFr400 million, primarily due to the consolidation of Banque Franck Galland & Cie (up SFr14 million). Personnel costs increased 6 per cent to SFr253 million, while other operating expenses were up 3 per cent to SFr147 million. Operating profit contracted slightly to SFr360 million (down 3 per cent).

Group assets under management edged down by 0.8 per cent, or SFr571 million to SFr75.3 billion due to financial market declines. The addition of Banque Franck Galland & Cie added SFr3 billion to assets under management. There were SFr600 million of net new funds.