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ZKB increased profit and strengthened reserves

The Zürcher Kantonalbank (ZKB) has increased in the fiscal year of 2018, the profit for the year-on-year and a strong inflow of new assets was recorded. The state Institute has also reinforced the reserves for General banking risks by a further 200 million Swiss francs, where it benefited from the reversal of provisions after the conclusion of the tax dispute.

The net profit of the largest Swiss cantonal Bank, has improved in 2018 by 1% to 788 million francs. Significantly more of the business's success increased as a measure of operating profit, up by 14 percent to 892 million Swiss francs.

A positive effect of 194 million Swiss francs, changes in provisions and value adjustments after the reversal of provisions in connection with the agreement in the U.S. tax dispute from last summer.

Slightly lower earnings

The business income of the cantonal Bank fell slightly to 2.3 billion Swiss francs (-0.7 percent). Easy, the Bank was able to increase in Interest income (+1 percent to 1.21 billion). The mortgage volume, as a driver of the interest rates business rose by 2.7 per cent, which the Bank gained a total of something under the total market.

Easily the ZKB also the success in the Commission business and services (+1 percent to 776 million) was able to improve. During the market turmoil, assets a negative effect on the customers and thus the revenues would have been acts that have had the launch of the new plant world to have a positive effect, it is called. In the trading business, income declined due to the difficult market environment, 14 percent to 286 million.

On the cost side, could improve the ZKB in the past year slightly, operating expenses fell by 0.2 per cent to 1.43 billion Swiss francs. The Cost-Income Ratio remained at a level of 61.4 percent.

Higher client assets

The client assets rose at the end of 2018 on 295,2 billion, compared to the end of 2017, a rise of around 2 percent. The increase was attributable to the net inflows of 18 billion Swiss francs.

The Canton of Zurich and municipalities will receive a dividend of 358 million Swiss francs, according to the information, a slight decline of 1 percent. For the current year, ZKB chief Executive Martin Scholl again expects a "pleasing result". (ij/sda)

Created: 08.02.2019, 08:11 PM

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