One year after Livia Moretti was appointed CEO of Bank CIC, the changes launched since February 2023 are already bearing fruit. Livia Moretti about the bank’s annual results: “Despite an inflationary environment, higher interest rates and the historic strength of the Swiss franc, we managed to benefit from a complex macroeconomic situation by staying in control of both costs and risk and offering clients a high-quality service. At the end of 2023 we recorded our highest-ever net profit: CHF 40.7 million, up 55.7% from the previous year.”
Business steady, in line with the strategy
Total assets were relatively stable at CHF 12.7 billion (-2.4%). In terms of assets, both advances to customers and mortgage lending rose slightly (+0.9% and +2.5% respectively), reflecting the bank’s credit strategy for the year 2023.
Total operating income was CHF 185.6 million (-2.6%), with notable increases in gross interest income (CHF 149 million, +27.9%) and fee and commission income (CHF 43.4 million, +1.9%).
Consolidating the groundwork and managing risk prudently
Total own funds amounted to CHF 849 million (+3.5%) at the end of December 2023, meaning Bank CIC has a strong capital base to support its future development. Both the liquidity cover ratio (LCR) and the net stable funding ratio (NSFR) comfortably exceeded the minimum legal requirements, at 214.9% and 115.6% respectively.
Risk management, scrutiny, monitoring and provisioning were all considerably tightened up as part of the prudent risk policy.
Ambitious strategy supported by Crédit Mutuel group
Looking out to 2027, Bank CIC will continue to extend its range of products and services for large and mid-sized companies, entrepreneurs and wealthy private clients. The 360-degree approach focused on clients’ specific and complex needs, whether in terms of financing, investment or savings, will be stepped up.
“Refocusing our activities while staying true to our roots and our entrepreneurial spirit has allowed us to strengthen our value proposition on the Swiss market.” These words clearly express the ambition of CEO Livia Moretti to position Bank CIC as the partner of reference for the Swiss economy and its players.
Two main thrusts will be followed to deliver the 2024-2027 strategic plan announced last November. First, the synergies with the Crédit Mutuel group will make it possible to share in the financial support, operating resources, expertise and international strength of one of the best-capitalised banking groups in Europe. The CHF 300 million capital increase to support the development of the lending business of Bank CIC will be finalised this spring. Second, internal expertise and skills will be boosted by hiring 80 new members of staff by the end of 2027.
More information: cic.ch/en/geschaeftsbericht.html
