Cantonal banks with significantly higher profits in 2023
Published: Friday, Apr 12th 2024, 15:50
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The Swiss cantonal banks earned significantly more cumulatively in the 2023 financial year. The cantons and municipalities also benefited accordingly.
The cantonal banks have coped well with the events surrounding Credit Suisse, volatile stock markets and geopolitical challenges and can look back on a financially successful year, the Association of Swiss Cantonal Banks (ASCB) announced on Friday. "In stormy times, the cantonal banks are often perceived by bank customers as safe havens," said Association Director Hanspeter Hess in the press release.
The 24 state institutions increased their business success as a measure of the operating result by almost a third to 5.6 billion francs. The bottom line was an annual profit of 4.3 billion francs, an increase of almost 19 percent compared to the previous year.
The cumulative net income from the interest business - the most important business - increased by almost a quarter to CHF 7.6 billion. According to the association, monetary policy and the rapidly rising yield curve gave the business area a strong tailwind, particularly in the first half of 2023.
Other earnings pillars also increase
The other earnings pillars also developed positively. Income from commission and service business increased by 1.4 percent and income from trading business by 4.8 percent. Overall, the operating income of all cantonal banks rose by a good 16 percent to 11.7 billion.
The cantons and municipalities received CHF 2.1 billion in the form of profit transfers, compensation for equity, dividends, compensation for the state guarantee and taxes. This corresponds to CHF 240 per inhabitant of Switzerland.
The cantonal banks' total assets remained roughly stable at CHF 780.1 billion. Total loans amounted to CHF 536.7 billion at the end of 2023, of which mortgage-backed receivables accounted for CHF 479 billion.
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