Switzerland-based Banque Cantonale Vaudoise (BCV) has reported a 4% decrease in its profit to CHF150.7 million for the first half of 2013 (H1), compared to CHF156.5 million for the same period in 2012.
Operating profit fell 2% to CHF237.1 million in H1 from CHF242.2 million in the year ago period.
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Total revenues declined 2% to CHF498 million in H1 and interest income fell 6% to CHF248 million.
BCV said fee and commission income was steady at CHF173 million, with better traction in wealth management driven by increasing financial markets and client transaction volumes offsetting the decline in trade finance activities.
Trading income increased by 6% to CHF59 million mainly due to increased structured product issuance.
Total assets increased 1% to CHF40.4 billion and the group’s assets under management were up 3% to CHF84.4 billion.
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By GlobalDataBCV said it expects business development in the second half of 2013 to trend same as in the first half barring a significant deterioration in the financial markets and the overall economic situation.
