Geneva Cantonal Bank With Record Profit and Dividend

Geneva Cantonal Bank With Record Profit and Dividend

Tue, Mar 5th 2024

Cantonal Bank of Geneva (BCGE) celebrates a stellar year with a 44.5% surge in operating results and a promising dividend increase for shareholders.

Geneva Cantonal Bank

The Cantonal Bank of Geneva (BCGE) earned significantly more in 2023. Shareholders should also benefit from this in the form of a higher dividend.

On Tuesday, the operating result reportedly rose by 44.5% to 281.7 million francs last year. Net profit also increased by 31.4% to 231.2 million francs, including extra-ordinary income of 10.5 million francs.

The dividend is to be increased by CHF 1 to CHF 6.50 in accordance with the proposal to the Annual General Meeting. The bank speaks of record profit and dividend figures.

Strong International Orientation

Total operating income rose by 24.0% to CHF 589.9 million. Net income from interest business amounted to 390 million francs, commission income was 133 million francs and income from trading business 38 million francs.

The proportion of sales in euros and dollars amounted to just under a quarter, demonstrating the “successful international orientation of the business”, according to the statement.

Meanwhile, operating expenses developed in line with the company’s growth, the bank writes. Meanwhile, assets under management grew by 5.5% or 1.85 billion to 35.3 billion Swiss francs at the end of 2023, while mortgage and customer receivables amounted to 19.2 billion Swiss francs.


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