Geneva regional bank reports lower profits, but large net inflows
Geneva - Banque Cantonale de Geneve on Wednesday reported a record drop in profits last year, news that was counterbalanced by data showing a boost in the amount of funds deposited.
Profits at the regional publicly traded bank fell by 11.6 per cent to 68.1 million Swiss francs (60.3 million dollars), the bank reported.
However, it also reported 12,600 new clients, more than double the amount of a normal year, and a 930-million-franc increase in client funds deposited.
"This new reality goes to show the trust the public places in cantonal banks," noted the bank, which has government backing.
The bank noted that while it was "financially very sound" it did not expect profits to rise this year.
Switzerland's larger banks, in particular the giant UBS, reported large net outflows of capital when the financial crisis hit. Both UBS and its rival Credit Suisse reported record losses last year. (dpa)
