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Record Profits at Zurich Bank

Stephen Harris

12 February 2007

Operating profit at Zurich Kantonalbank leapt 35 per cent last year to SFr1,073 million on 18 per cent higher revenues of SFr2,177 million. Net profit rose 16 per cent to a record SFr937 million at the largest of Switzerland's 24 cantonal banks. Fees and commissions income rose 6 per cent to Sfr473 million. Operating costs increased 5 per cent to SFr1,104 million and the cost-income ratio decreased from 64 per cent to 55 per cent. Assets under management grew by 6 per cent to SFr115.6 billion, including SFr2 billion of new money. The Zurich-based bank has around 4,300 employees.