Glarner Kantonalbank had a higher third-quarter pretax profit than in the same period of 2015, boosted by trading and interest income. It will expand its executive board to five members.
Glarner Kantonalbank (GLKB) had pretax profit of 15.9 million Swiss francs in the three months through September, an increase of 23 percent from a year earlier, the company said in a statement today. Profit after tax was 13.2 million francs, down from 15.4 million a year earlier.
Interest income rose 2 percent to 36 million francs and trading income added 76 percent to 3.88 million francs. This was partially offset by a decline of commission income by 11 percent.
The volume of mortgages increased 5.9 percent to 4.19 billion francs. The investments in digital services yielded higher licensing fees, the bank reported.
Extended Executive Board
GLKB extended its board of managers to five members, helping the bank's management master the challenges posed by the changes within the banking industry. The company appointed Patrik Gallati to the board. Gallati, 44, so far managed communications and market support.
