Swiss cantonal bank Banque Cantonale Vaudoise (BCV) has posted an operating profit of CHF390m for the first nine months of 2015, a 9% increase compared to the same period last year.
Revenues for the nine months ending 30 September 2015 grew 4% to CHF773m.
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BCV said interest income for the period dropped 3% to CHF369m in a continuing low interest-rate environment, while fee and commission income fell 3% to CHF251m.
The bank’s total operating expenses declined 2% to CHF383m. Personnel costs came down 1% to CHF251m, while other operating expenses were CHF132m, down 3%.
Customer-driven trading income increased by 45% to CHF115m as a result of the high level of forex trading since
the Swiss National Bank dropped the EUR/CHF currency floor at the beginning of 2015.
Total assets for the nine months of 2015 were up 3% to CHF43.2bn and the group’s assets under management were down 2% to CHF84.8bn. Net new money amounted to CHF1.4bn for the period.
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By GlobalDataThe bank added that inflows of onshore funds totalled CHF2.1bn for the first nine months of 2015, while outflows of offshore funds amounted to CHF724m.
Additionally, BCV has named Peter Ochsner to its board of directors. Ochsner, who will assume his new role on 1 July 2016, will be replacing Stephan Bachmann. He will also chair the audit and risk committee.
