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According to Migros Bank’s statement on Tuesday, its revenue in the 2023 fiscal year increased by 18 percent to 827.8 million francs. Costs rose less sharply, rising 6.7 percent to 412.7 million.
This means that the expense-income ratio, which is important for banks, increased from 53.6 percent to 47.3 percent last year. As a result, business success as a measure of operating result increased by 31 percent to 383.0 million francs. The result was annual profit of 313.4 million francs, 30 percent higher.
Interest business is growing strongly
In its significant interest business, the institute increased its net income by a quarter to 641.4 million francs. However, commission business fell (-14% to 108.7 million) and success in commercial business increased significantly (+28% to 62.5 million).
Customer loans, including personal loans, leasing and other receivables, continued to rise to 49.9 billion francs (+2.2%), with the important mortgage business growing by 1.4 percent. Migros Bank’s customer deposits remained more or less stable (+0.4% at 44.7 billion).
Thanks to continued growth in the Cumulus credit card business, the retail group’s subsidiary now has 1.1 million customers. Following the end of the partnership between Migros and the previous issuer Cembra, in the summer of 2022, Migros Bank took over the issuance of Cumulus cards to the parent company.
Challenging future
“Overall conditions remain challenging, not just from a geopolitical perspective,” he said, looking ahead. Migros Bank follows the development of the “interest situation” as well as possible economic risks for consumers and companies.
Migros Bank is strategically and financially well positioned with its strong capital resources and broad base across Switzerland. The company did not provide further information regarding Signa’s exposure.
Last week, Migros Bank, like other banks, announced that it had outstanding loans from the troubled Signa real estate group, owned by Austrian entrepreneur René Benko. It receives a syndicated loan of 97 million francs from several Swiss banks. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
