Banque Cramer has had a turbulent first half – and posted a loss due to a slump in trading and commissions. Its sole shareholder still received a handsome dividend payment.
Geneva-based Banque Cramer had a loss of 2.8 million Swiss francs ($2.8 million) in the first six months of the year, which compares with a profit of 5.8 million a year ago.
The reason for the loss was a slump in earnings from trading and commissions, Norinvest said. The investment company is the sole shareholder of Banque Cramer.
Dividend Despite Loss
Despite the slump in performance of Banque Cramer, Norinvest itself posted a profit of 14.6 million francs following a dividend payment of 15 million francs paid by Cramer to its owner.
The report shows that Cramer is struggling to find a viable business model, with revenues down 4 million francs from a year ago, despite the consolidation of wealth manager A.M.&C. The profit posted in 2018 was mainly due to the divestment of a stake.
Management Shake-Up
The bank is also undergoing change among executives, with a number of managers joining Zurich-based rival Falcon Private Bank. Chief Executive Cédric Anker in spring left the company following a disagreement with Norinvest owner Massimo Esposito.
