2023-07-18 06:07:05
Zurich (awp) – The Cantonal Bank of Zug (ZGKB) posted a solid performance across the board in the first six months of the year, managing to improve its revenues and profits. The establishment hopes to end 2023 with rising results.
The operating income of the establishment in central Switzerland jumped 25.3% over one year to 151.7 million Swiss francs, while expenses accelerated at the same time by 18.5% to 64.6 million, a announced the ZGKB on Tuesday in a press release.
By activity, net income from interest operations soared by 30.1% to 99.8 million, benefiting from the rate hike by the Swiss National Bank. Income from commissions and services also rose sharply by 14.5% to 38.6 million. The result of trading activities also took the lift, taking during the period under review 36.2% to 9.8 million.
Thanks to buoyant activity, the bank saw its profitability take off, both in terms of operating profit which reached 73.2 million (+22.4%) and net profit which stood at 62.7 million (+19.9%).
On the Zug establishment’s balance sheet, mortgage loans continued to grow, despite the rise in credit prices, rising by 2.4% compared to the end of last year to 13.8 billion. Customer deposits meanwhile swelled by 10.1% to 13.9 billion.
By way of perspective, management expects to continue its growth in the second half of the year. The bank intends to end 2023 with an increase in results, without further details.
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