The cantonal bank of the Vaud region has had a sluggish first half. Profit rose due to the sale of a property.
Banque Cantonale de Vaudoise (BCV), the state-controlled bank of the Vaud region, had a profit of 187.6 million Swiss francs ($190.6 million) in the first half of 2018, it said in a statement on Thursday. The increase of 15 percent was mainly due to the divestment of a property.
BCV didn’t do quite as well in terms of its operative banking business, with interest and trading slightly down and operating profit at 199.8 million, minus 2 percent from a year ago.
Commission and trading income added marginally and assets under management increased a net 1.8 billion francs to 87.9 billion.
Positive Development of Assets
The increase in assets under management was mainly a consequence of wealth developing positively – across the board, ie private investors, small- and medium-sized companies and institutional investors.
BCV expects the full-year result to be in line with that of the past years.
