The Cantonal Bank of Geneva (BCGE) reported an operating profit and a net profit in decline in the first six months of the year, due to the drop in interest rates.
The establishment of the Quai de l’Ile has strengthened its equity, but expects a withdrawal result for the rest of the operations.
From January to June, the net profit reached 94.0 million francs, 19% less compared to the same period the previous year, said a statement published on Tuesday.
The operating profit dropped from 18.9% to 110.9 million. Operating expenses weighed more heavily from 1.2% to 151.8 million. And the operating product was reduced from 7.7% to 276.5 million.
Result in withdrawal expected for 2025
At the end of June, assets under management reached 37.1 billion, up 0.4%. Funding to businesses and individuals approached 21.1 billion, or 2.7% more.
The Geneva bank displayed at the end of June a 33.9 billion assessment, up 4.5%.
The hard equity ratio (TIER1) has advanced 3 base points, at 15.92% compared to the end of December.
For 2025, the management expects a result “behind compared to 2024, linked to the environment of interest rates and a vulnerable economic situation”.
This article was published automatically. Sources: ATS / AWP