Corporate financing specialist Bank CIC in Switzerland last year boosted profits by almost one-third, while at the same expanding its employee base.
Bank CIC in Switzerland reported a total income of 128.5 million Swiss francs ($133.7 million) for last year, a gain of more than 10 percent on the previous period, with all divisions contributing to the results, it said Tuesday.
The corporate sector specialists, under the leadership of CEO Thomas Mueller, reported net income of 23.4 million francs, an increase of 31 percent from a year earlier.
More Employees
Along with improved income, the bank also reported higher costs, adding 20 employees, and bringing the total to 339 full-time staffers by the end of 2017, it said.
The gain in staff was driven largely by increased regulatory requirements as well tighter control and reporting demands, it added.
Despite the hirings, additional compliance costs and project resources, the bank managed to limit the rise in costs to 3.6 percent last year. The Bank CIC is owned by the French finance group Crédit Mutuel-CIC, and in addition to its Swiss head office in Basel, also operates offices in Fribourg, Geneva, Lausanne, Lugano, Neuenburg, Sitten, St. Gallen und Zurich.
