Despite a context of various international crises, falling interest rates and a strained situation in the money market, 2024 once again saw CIC (Switzerland) achieve a record profit, up 15.4% from the already exceptional financial year 2023 to CHF 47 million.

“Over the past two years we have been providing genuine support for the Swiss economy and its operators”, says Livia Moretti, CEO of CIC (Switzerland), of what she describes as a very encouraging result. “Entrepreneurship is part of our DNA and expertise. We are keen to develop in Switzerland, and thanks to the unwavering support of our shareholder Crédit Mutuel Alliance Fédérale we are able to do so!”

Last year was the first of four covered by the strategic plan 2024-2027 in which we operated in close partnership with Crédit Mutuel Alliance Fédérale, a robust and innovative group that ranks as the tenth largest bank in Europe, with own funds exceeding EUR 66 billion and ample liquidity. By building on the synergies with its shareholder, CIC (Switzerland) has optimised and strengthened governance and established new administrative processes. From an organisational perspective, headcount rose to 449.8 FTEs at the end of 2024, from 427.5 the previous year.

Operating expenses, which mainly consist of personnel expenses, were up 9.0% to CHF 134.3 million in the year under review. Personnel expenses themselves declined a fractional 0.2% year on year to CHF 83.9 million. General and administrative expenses were up 28.5% to CHF 50.4 million, chiefly because of investments in projects related to the 2024-2027 strategic plan and associated consultancy costs.

Figures described as encouraging

In 2024, CIC (Switzerland) increased operating income by 5.1% to CHF 195.2 million. Around 64% of this came from interest operations, which are the bank’s main source of income. The bank managed to boost interest and discount income, even though rates declined over the year.

Net interest income after impairments rose CHF 12.4 million or 11.1% to CHF 123.9 million. The result from commission business and services in 2024 was up 9.6% to CHF 47.5 million. Most of this income came from securities and investment transactions, which climbed CHF 3.0 million or 9.9%.

Executing the 2024-2027 strategic plan

As far as investments are concerned, 2024 was an extremely positive year. Total assets rose around CHF 639 million or 5.0% to CHF 13.3 billion. Loans to customers increased CHF 640 million or 6.5% to CHF 10.5 billion. This was largely funded from customer deposits, which rose CHF 374.2 million or 4.7% to CHF 8.4 billion. “These figures bear witness to the bank’s successful positioning in the Swiss market. Against the background of a market undergoing strain, this remarkable performance is testimony to the trust customers place in our bank,” notes Livia Moretti.

CIC (Switzerland) currently has around CHF 1 billion of own funds dedicated to its primary objective: supporting medium and large companies, entrepreneurs and wealthy private clients. Following the CHF 300 million capital increase in spring 2024, the bank has additional funds that will be used to execute the 2024-2027 strategic plan. At 31 December 2024 the liquidity cover ratio (LCR) stood at 159.5%, healthily in excess of the legally required minimum of 100%. The net stable funding ratio or NSFR is 120.0%, also well above the legally required minimum of 100%.