Banque Cantonale de Genève had a record profit last year, not least because of its international business. The bank will continue to focus on an expansion both regionally and internationally.
Banque Cantonale de Genève (BCGE) had a record net income of 79 million Swiss francs last year, up 1 percent from a year earlier, the company said in a statement today. Operating profit dropped 15 percent to 110.7 million.
The net income from the interest margins business rose 3.6 percent to 206 million francs, income from commissions was almost unchanged at 100 million, trading income was down 5.9 percent to 26.4 million.
AuM Growth
The bank grew healthily last year, with assets under management increasing 6 percent to 23.1 billion francs.
The return on equity was 5.8 percent last year, compared with 6 percent a year earlier. The board of directors proposes to pay a dividend of 5.5 percent of par value, or a total of 19.8 million francs.
Expansion Strategy
The bank expects ongoing negative rates and strong market volatility in 2017, «both factors liable to affect its interest margin and commission income,» BCGE said. Lending growth likely will remain subdued. Overall, the bank expects profitability to be in line with last year.
The company also set strategic priorities for the year and said that it intends to accelerate its expansion despite the uncertain financial climate in Switzerland and internationally. BCGE will try to further grow its private banking business, asset management and investment funds in Switzerland and internationally.
