Profits down at Zurich cantonal bank
Zurich cantonal bank, Switzerland's third largest bank, has announced a steep decline in first half profits due to a drop in share market transactions.
In a statement, the bank said that it expected a lower profit for the year as a whole compared with last year.
It said that in “difficult market conditions”, profit for the first six months fell by 16.2 per cent to SFr338.3 million ($197.26 million).
“At this half-year stage, we do not expect to reach a similarly excellent result as in 2000,” the bank said.
It added that only interest income, which makes up 65 per cent of earnings, had been higher, while commissions were down.
Total assets under management also declined, which reflected lower asset values, by 2.1 per cent to SFr72.9 billion. Net inflow to private banking was SFr310.4 million.
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