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Business success as a measure of operating result rose by nearly a quarter to 140.8 million francs, ZGKB announced on Monday. Annual profit increased by 28.4 percent, reaching a record level of 124.8 million francs. Based on these important data, the Board of Directors proposes a fixed dividend of 220 francs.
The past year has been challenging but quite successful considering the developments in the business world. Inflation, changes in interest rates, fear of recession and tight monetary policy left their mark on financial markets. The normalization of the interest rate environment has led to an extremely positive development in interest affairs.
ZGKB’s operating income increased by 22.4 percent to 304.6 million francs. In the central interest business, net income increased by a good 30 percent to 202.2 million.
In the commissions and services business, revenue increased by 7.3 percent to 77.3 million francs. Relatively small trading jobs also grew significantly, up almost 20 percent to 19.3 million.
The rapid transmission of interest rate increases by the Swiss National Bank to customers contributed to a “welcome” inflow of new money. According to the information obtained, customer funds increased by 506.3 million francs. At the end of the year, Zuger Kantonalbank managed customer funds of 13.1 billion francs, corresponding to a growth of 4.0 percent.
The bank expects earnings for fiscal 2024 to be below the previous year. In addition to increased competition in the investment business, stronger market pressure on the lending and passive money side can also be expected this fiscal year.
Overall, ZGKB sees the economic outlook as mixed. The framework for the development of markets in the current fiscal year has marked a turning point in the cycle of interest rate hikes and uncertainty regarding the decline in economic momentum. Therefore, volatility in the markets is expected to increase in the first half of the year. (SDA)
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.
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