Lausanne, Switzerland (GenevaLunch) – The Banque Cantonal Vaudoise had 2008 net profits of CHF359 million, the fourth best in its history, despite revenues falling by 15 percent. Given the economic climate, the bank says, its results showed it is weathering the crisis well.
Revenues fell to CHF928 million, a 15 percent drop, in part because of trading losses, but also because of business interests, notably in Spain, that it sold: if “like for like” is compared, revenues were down 9 percent. The bank’s profit level was due to cost-cutting but also a strong second six months, particularly an improvement in trading figures.
Mortgages were up 3 percent and savings deposits increased 5 percent.
The bank also dealt in early 2008 with the trial of a group of former directors and auditors.
Related:
“BCV sees sharp profits drop,” 8 May 2008, GenevaLunch
“Vaud’s cantonal bank has strong 2007, boss leaves,” 5 March 2008, GenevaLunch
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News story, GenevaLunch, 10 March 2009.
Filed under: Business
Tags: 2008 results, BCV, Business, Vaud bank