In the first quarter of 2014, BCV Group experienced business growth in line with the trend observed in the second half of 2013. Revenues were up 1% and operating profit rose 2% (+CHF 2m) to CHF 117m.*
BCV Group’s Q1 2014 revenues edged up 1% year-on-year to CHF 248m. The rise primarily reflected a 1% increase in interest income to CHF 125m and a 3% increase in fee and commission income to CHF 88m. Trading income declined by CHF 4m (–13%) to CHF 26m. Other ordinary income amounted to CHF 9m.
Effective cost control
Total operating expenses were stable at CHF 131m. Following the transfer on 1 July 2013 of 80 IT specialists from IBM, personnel costs were up 4% to CHF 86m; other operating expenses were down 4% to CHF 45m. Operating profit rose 2% to CHF 117m, reflecting the increase in revenues.
Growth in total assets and AuM
Total assets were up 1% to CHF 40.7bn. Mortgage lending grew by 1% or CHF 195m YTD to CHF 23.6bn. Other loans remained stable at CHF 5.4bn (–1%).
On the liabilities side, savings deposits grew a further 1% (+CHF 162m) to CHF 13.0bn, while other customer accounts remained stable at CHF 15.4bn.
The Group's assets under management rose 2% (+CHF 1.7bn) to CHF 85.6bn. Net new money amounted to CHF 582m for the period.
Shareholders’ Meeting proposal
As previously announced, the Board of Directors will propose an ordinary dividend of CHF 22 as well as a distribution of CHF 10 per share out of paid-in reserves at the Group’s Annual Shareholders’ Meeting being held today in Lausanne. This proposal reflects the Board’s confidence in BCV’s earnings capacity going forward.
Lausanne, Switzerland, 1 May 2014
* Unaudited figures
Christian Jacot-Descombes, Press Officer
Phone +41 79 816 99 30
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.