Geneva Cantonal Bank Records New Record Profit in First Half of Year
Published: Tuesday, Aug 8th 2023, 07:00
Mise à jour le : Vendredi, 13 octobre 2023, 14:12
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The Geneva Cantonal Bank (BCGE) achieved a new record profit in the first half of 2023, largely due to a very strong interest rate business. The operating result was 137.0 million francs, an increase of 49% compared to the previous year. The net profit was also up 49% to 116.9 million francs. The bank's total income rose by almost 26% to 290.6 million francs, driven by the interest rate business, which increased its net result by 41% to 187.0 million francs. However, commission and service income (-2.5% to 67.3 million francs) and trading income (-7.0% to 17.8 million francs) were slightly lower than the previous year. The bank invested in new competencies and technologies to enable future growth, creating 13 new positions and currently employing 887 people. Loan growth was also strong, with mortgage and customer claims increasing by 1.5% to 18.8 billion francs, and managed assets increasing by 4.6% to 34.9 billion francs. The bank expects a further increase in profitability for the current year, with a further "moderate interest rate increase" and a resilient economy. Credit granting, especially in the real estate sector, will continue to be "prudent".nnnnnn
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