The Cantonal Bank of Geneva (BCGE) unveiled on Tuesday a half-year performance marked by the increase in business volumes, revenues and results.
With a net profit qualified as “record”, the establishment announces an increase in the overall result for 2022.
Net income came to 78.4 million francs, up 21.9% compared to the same period the previous year, BCGE said in a press release. Operating profit increased by 21.3% over one year to 93.7 million.
The jump in profitability is mainly due to a strong increase in operating income, up 12.6% to 231.2 million francs.
Assets under management amounted to 33.0 billion at the end of June, down 3.3% compared to the end of 2021, while customer loans and mortgage loans reached 18.7 billion (+2.1 %). Representing 43% of the bank’s balance sheet total, mortgage loans are “stable, a sign of a disciplined diversification policy,” the bank said in a statement.
Equity, increased to 1.87 billion, maintains its growth (+2.3%). The consolidated equity coverage ratio at 16.46% is slightly below that recorded at the end of 2021 (-3 basis points), but still remains above the required standard of 12%.
Operating expenses rose 2.9% to 129 million francs. The banking establishment says that these reflect its investments in new skills and technologies for future growth, the statement said, highlighting the creation of 22 new positions.
The number of private and institutional shareholders has also increased, reaching 15,615 on 30 June, of which 15,230 are private, underlined the BCGE on Tuesday. The floating share of capital is widely distributed since 83% of shareholders hold between 1 and 50 shares.
At the general meeting last May, the shareholders approved by 99.51% a dividend increased by 20% to 4.50 francs for the past financial year.
For the 2022 financial year as a whole, “barring a deterioration in the economic situation and taking into account planned commercial developments”, management expects overall results to increase.
This article has been published automatically. Source: ats/awp