The mortgage business last year helped Banque Cantonale de Genève increase its profit. Now the management wants to grow in asset management and private banking.
The state bank of Geneva had a profit of 81.6 million Swiss francs in 2017, 3 percent more than in 2016, the company said in a statement on Tuesday. Operating profit rose even more, adding 16 percent to 128.3 million. The board proposes to increase the dividend to 2.90 francs per share.
All of the bank’s business lines added to the improvement, the company said. Mortgages, a traditional stronghold of the state banks in Switzerland, added 6 percent. The number of corporate clients increased to 19,349, up 793.
Increase in AuM
Banque Cantonale de Genéve increased assets under management by 14 percent to 26.4 billion francs. The bank aims to use the momentum to build its business in areas that don’t draw on its capital resources as much.
Specifically, the bank plans to boost private banking and asset management, both in Switzerland and abroad
