2024-02-20 12:01:17
The net income from interest transactions increased by 28.3% to 235.5 million francs, under the combined effect of the growth in customer advances, the renewal of loans and the evolution of monetary policies. .
“The normalization of rates has allowed us to increase our interest margins,” notes Oliver Schnyder, general director of the bank, during an interview with the AWP agency. “Without regaining the levels of 2013, before negative rates,” he adds. BCVs had decided not to pass on the effects to its private clients, which had put margins under pressure throughout the period, he recalls.
On September 15, 2023: The Cantonal Bank of Valais under investigation by the stock market policeman
The balance sheet exceeds 20 billion
Mortgage loans increased by 2.6% to 12.7 billion francs. “The market has become very competitive, but the bank is well positioned, particularly in terms of decision-making time, for which we are very reactive,” a criterion for standing out in the future, believes Oliver Schnyder.
The result of commission and service operations increased by 3% to 44.9 million. Total revenue reached 196.7 million francs, up 15.7%.
Operating expenses amounted to 127.4 million (+5%). The workforce increased, going from 480.9 to 495.8 full-time equivalents.
At the end of 2023, the balance sheet exceeds the threshold of 20 billion (+4.1%), a first, underlines the cantonal establishment. Assets administered reached 15.7 billion, a gain of 7.7% fueled by net inflows of money of 641.1 million.
Increase in equity
The cost-income ratio before depreciation stands at 42.9%. BCVs also increased its own funds by 82.2 million, bringing them to nearly 1.6 billion.
The board of directors will propose to the general meeting on April 26 a dividend increased by 30 cents to 3.85 francs per share. The contribution to public authorities in the form of dividend, taxes and remuneration from the State guarantee was also increased to 66.2 million, an increase of 7.1 million.
In 2022: Real estate boosted BCVs results
An uncertain horizon
In terms of prospects, BCVs expects a gradual reduction in key rates by central banks, given the evolution of inflation, which will inevitably have an impact on the bank’s revenues and margins.
“We are prepared for this and have already started to diversify our liquidity, particularly in the financial markets. These rate cuts will push us to diversify further,” underlines the financial director of BCVs, Christian Donzé. Furthermore, the Swiss and Valais economies have more than once shown their ability to adapt.
In this context, business performance should be “a continuation of past years”, subject to a further deterioration in the global geopolitical situation. “But there is no evidence at this stage that allows us to say that the current financial year will be lower than that of 2023,” says Oliver Schnyder.
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