Navigation

Skiplink Navigation

Main Features

Profits down at Zurich cantonal bank

The cantonal bank of Zurich has seen profits fall

(Keystone)

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.

swissinfo with agencies


Links

Neuer Inhalt

Horizontal Line


swissinfo EN

Teaser Join us on Facebook!

Join us on Facebook!

subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters