“SGKB Increases Profit Significantly in First Half of Year”
Published: Wednesday, Aug 16th 2023, 06:00
Updated At: Friday, Oct 13th 2023, 14:12
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The St. Gallen Cantonal Bank had a strong first half of the year. Both profits and managed assets increased significantly, and interest margins normalised. The bank's operating result increased by almost 30% to 138.9 million Swiss francs, while the net profit rose by 19% to 108.4 million. The business revenue increased by 18% to 290.7 million, mainly due to the central interest business, which saw a net profit increase of more than 24% to 186.2 million. Trading business also saw a positive development, with a 26% increase in revenue to 22 million. The cost-income ratio improved to 49.2% from 55.2%. Net new money flowed to the bank in the amount of 3.6 billion Swiss francs, and managed assets increased by 9%. Customer loans also increased by 3.8% to a new high of 31.6 billion. The bank remains confident and is targeting a result above the previous year.nnnnnnnnnn
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