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February 21, 2014updated 04 Apr 2017 2:29pm

Swiss bank BCV reports 10% decline in annual profit

Swiss bank Banque Cantonal Vaudoise (BCV) has posted a net profit of CHF80 million (US$314.2 million) for 2013, a 10% decline compared with the year ago.

By Verdict Staff

Swiss bank Banque Cantonal Vaudoise (BCV) has posted a net profit of CHF80 million (US$314.2 million) for 2013, a 10% decline compared with the year ago.

"The decline reflected one-off items, in particular relating to the US Department of Justice’s program aimed at settling the tax dispute between Switzerland and the USA," the bank said in a statement.

The bank’s cost/income ratio went from 60% to 61%. Total revenues edged down 2% year-on-year to CHF991 million. Interest income fell 3% to CHF502 million.

BCV said that its fee and commission income declined 2% to CHF341 million due to the mixed effects of rising financial markets and the cyclical downtrend in trade finance activities.

Group assets under management (AuM) rose by 6% to CHF83.9 billion. Net new funds amounted to CHF1.6 billion for the period, with CHF2.9 billion in onshore fund inflows significantly outweighing the CHF1.3 billion in offshore fund outflows.

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