The Cantonal Bank of Geneva says it rode the economic recovery to record profits last year.
The Cantonal Bank of Geneva (BCGE) closed 2021 with a record net profit of 125.2 million Swiss francs ($136 million), representing a 19 percent increase from the previous year, it said in a statement Tuesday.
Business volumes increased significantly, with mortgage loans up 5.5 percent to 12.7 billion francs, while assets under management and custody rose 7.5 percent to 34.1 billion francs, it said.
Higher Income
Net interest income was 5.7 percent higher than the previous year at 228 million francs, reflecting increased lending to companies and private individuals. Commission income rose to 136 million Swiss francs, an increase of around 18 percent.
Higher Dividend
BCGE will propose a dividend payout of 4.50 francs per share at the annual general meeting, which is 20 percent above last year.
For the year 2022, the bank expects a slight increase in the overall result in view of business development, but subject to any economic slowdown, the bank writes.
