BCV Group's financial results at 30 September 2014 were in line with the trend observed so far this year.Business volumes continued to expand,and operating profit rose 1% to CHF 356m.*
Total revenues for the nine months ending 30 September were stable year-on-year at CHF 746m.Interest income increased 1% to CHF 379m in a continuing low-interest-rate environment.Fee and commission income held steady at CHF 259m.Trading income retreated 6% due to lower volatility on the forex market but remained solid at CHF 79m.Other ordinary income rose 14% to CHF 30m.
Operating profit of CHF 356m
Total operating expenses declined 1% to CHF 390m.With the transfer of 80 IT specialists from IBM on 1 July 2013, personnel costs edged up 1% to CHF 253m, while other operating expenses were down 4% to CHF 137m.Operating profit was up 1% to CHF 356m.
Ongoing growth in customer-driven business volumes
Total assets expanded 4% to CHF 41.9bn.Mortgage lending rose 2% (+CHF 449m) to CHF 23.8bn, while other loans decreased 1% to CHF 5.4bn.
On the liabilities side, customer savings and investment accounts continued to expand, rising 2% (+CHF 311m) to CHF 13.1bn.Other customer accounts remained stable at CHF15.5bn.
Rise in AuM
Group assets under management were up 4% (+CHF 3.0bn) to CHF 86.8bn.There was an inflow of onshore funds (+CHF 582m) and, as expected, an outflow of offshore funds (–CHF 821m).The net new money outflow therefore amounted to CHF 239m.
Barring a significant deterioration in the financial markets or in the overall economic situation, business development for the full year is expected to trend along the same lines as in the first nine months.
Lausanne, Switzerland, 13 November 2014
* Unaudited figures
Christian Jacot-Descombes, Press Officer
Phone + 41 21 212 28 61
Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71
This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.
The above text is a translation of the original French document; only the French version is authoritative.