Aargauische Kantonalbank posted its best ever result last year, helped by higher income from trading activities and a one-off from the sale of its stake in Swisscanto.
Net income at Aargauische Kantonalbank (AKB) rose 47 percent to 155.4 million Swiss francs last year, the company said in a statement today.
«Following the decision of the Swiss National Bank on January 15th, 2015, we reacted swiftly and succeeded in tapping the potential in currency trading,» AKB Chairman Rudolf Dellenbach said in the statement. «The gain from the sale of the stake in Swisscanto Holding AG also contributed to the exceptionally high profit as a one-time effect.»
Profit to Decline
The profit from trading increased 52 percent to 49.1 million francs. AKB will pay a total of 88.6 million francs to the canton of Aargau, which owns the bank, 8.9 million more than a year earlier.
The company expects to achieve a lower profit in 2016 than last year as it won't benefit from one-off payments. It also expects «moderate» economic growth, weakening consumer confidence and slightly increasing unemployment.
