The cantonal bank of Thurgau has had a successful first half with a slight increase in profit. The company is however keeping a low profile regarding its expectations for the full year.
Thurgauer Kantonalbank (TKB), one of the many regional state banks of Switzerland, had a profit of 72.9 million Swiss francs ($73.8 million) in the first six months of 2018, up 1.4 percent from a year ago, according to a statement released on Tuesday.
The bank maintained its growth trajectory, in particular in respect to the core business with interest. Loans to clients increased 1.5 percent to almost 20 billion francs. Mortgages make up more than 18 billion of those. They increased 1.2 percent. Interest income was up 1.5 percent to 124.2 million francs in the first half.
Excellent Commission Income
Commission and services income rose 11.4 percent to 28.2 million francs. Assets under management dropped slightly. TKB had a cost-income-ratio of 47.7 percent.
Despite growth and the profit for the first half, the bank kept a cautious outlook for the full year. It expects a lower operating profit than in 2017 due to the drop of the interest margin.
