Basler Kantonalbank increased its profit in the first half of 2016, boosted by interest income and lower provisions.
Basler Kantonalbank (BKB) had a profit of 43.8 million Swiss francs in the first six months of 2016, 4.9 percent more than in the same period a year ago, the bank said in a statement today. The institute managed to increase profit despite a decline in revenue.
Operating profit was slightly down at 183.6 million francs, primarily on lower revenue from commissions and trading. Interest income rose 2.6 percent to 89.6 million.
Higher Costs
The bank, which is owned by the canton of Basel-Stadt, has invested in its network of branches and last year assumed 50 employees from Bank Coop, which led to higher costs.
The higher net was the result of lower provisions and value adjustments. BKB last year had made provisions for a settlement of a tax dispute with German authorities.
