Media release: Solid results for 2011 - Higher profit and a growing business volume
Banque CIC (Suisse) closed out its 102nd financial year successfully in what is still a tough environment. It recorded a 15% increase in gross operating profit to CHF 15.2 million and a rise in net profit of more than 32%. In 2011 the bank continued to focus on satisfying the challenging needs of companies and entrepreneurs applying an integrated business approach on both sides; investment and loans. The Bank's wide product range was strengthened with the expansion of foreign exchange and documentation transactions, and the loan volume saw a sharp increase of more than CHF 650 million or 22 percent. At the same time, the number of customers rose substantially in 2011. In addition, new job opportunities were created this year reaffirming the bank’s development strategy. Net interest income grew significantly to CHF 44.3 million, whereas the noticeable restraint on the part of investors and the pricing adjustments in the investment sector introduced in early 2011 led to a drop in net fee and commission income to CHF 29.5 million. In terms of expenses, the switch to the new Avaloq platform at the start of 2011 continues to have an effect, whilst the one-off effects from the previous year no longer applied, resulting in a more than 5% reduction in expenses. All in all, Banque CIC (Suisse) generated with its balance sheet of CHF 4’347 million (+14%) a total income of CHF 85.7 million and a gross operating profit of CHF 15.2 million (+15%).