Banque Cantonale Vaudoise increased its profit in the first half despite almost unchanged revenue levels. Assets under management declined as a consequence of the Swisscanto fund transfers.
Banque Cantonale Vaudoise (BCV) profit rose 5 percent to 164 million Swiss francs in the first six months of the year. Operating income rose 1 percent to 497 million francs from a year earlier, the company said in a statement today.
Income from interest and commissions increased only slightly, while costs were flat, boosting profit at the cantonal bank based in Lausanne.
AuM Decline
Assets under management declined 4 percent to 82 billion Swiss francs. The decline was mainly due to the transfer of Swisscanto assets, the bank said. But the bank also lost 1.1 billion francs in assets belonging to big and institutional clients.
By contrast, BCV recorded a plus of 1.2 billion in assets belonging to private clients. The bank expects business conditions to remain as they were in the first half.
