2024-02-14 12:00:47
This content was published on February 14, 2024 – 1:00 p.m.
(Keystone-ATS) The Cantonal Bank of St. Gallen (SGKB) continued its growth in 2023. The Eastern Swiss establishment saw its net profit jump 12.98% to 207.2 million in one year. Shareholders will be offered a dividend increased by 2 francs to 19 francs per share.
After having declined in 2022, revenues considered as a whole started to rise once more last year, increasing by 13.5% to 580.7 million francs, according to the press release published Wednesday by the SGKB. While the workforce increased to a total of 1,393 employees at the end of 2023, expenses increased by 5% to 291 million. In the end, the operating profit came to 272.7 million, taking off in the space of twelve months by 23%.
On the income side, interest-bearing operations recorded a gross result up 19.5%, driven in particular by increases in interest rates, while that of commissions and services gained 4.9%. The trading business ended the financial year under review with gross profit up 8.4%.
The bank’s business volume increased by 6.9 billion francs (+8.25%) to 90.9 billion, with growth attributable to all sectors of activity as well as to the subsidiary. German. The net inflow of new funds stood at 4.2 billion, up 7.8%, bringing assets under management to 58.74 billion. Customer loans increased by 5.7% to 32.2 billion.
The establishment’s main shareholder, the canton of St. Gallen, is being offered a dividend of 58.1 million francs. To this amount are added 11.6 million paid under the state guarantee and 15.3 million in taxes.
Evoking its outlook, the SGKB anticipates a result for the current financial year at the level of that of 2023.
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