Home » Annual figures for 2023 – ZKB: Profit of over 1.2 billion and 28,000 new customers – News

Annual figures for 2023 – ZKB: Profit of over 1.2 billion and 28,000 new customers – News

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Annual figures for 2023 – ZKB: Profit of over 1.2 billion and 28,000 new customers – News

Zürcher Kantonalbank (ZKB) increased its consolidated profit by 17 percent to 1,238 million francs in the 2023 financial year and was able to pay out a record dividend. According to a statement, the most important driver is the exceptionally strong interest rate business. The bank has a net inflow of new money of 36.8 Billions of francs were achieved and a total of over 28,000 new active customers were acquired.

“In a challenging year, we were able to grow as one of the safest universal banks across the entire market,” says CEO Urs Baumann. “A big thank you also goes to our highly motivated more than 6,000 employees, without whom this result would not have been possible.”

Meanwhile, the volume of assets under management increased by almost 13 percent to 450.8 billion francs. ZKB was able to benefit from a strong increase in customer money: in total, it received net new money of 36.8 billion francs.

Large distribution of profits to the canton and municipalities

The canton of Zurich and the municipalities should also benefit from the strong increase in profits. They will receive a total profit distribution of 528 million francs, more than ever before.

The canton will receive 358 million in dividends and 18 million to cover the cost of the security reserve. The municipalities will receive 170 million francs. The provision of the state guarantee by the canton will also be paid for with 30 million francs.

100 billion limit for mortgages exceeded

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The bank balance sheet at ZKB grew by almost 1 percent to 201.3 billion francs. On the assets side, the mortgage portfolio grew slightly more slowly than in the previous year, with an increase of 4.2 percent. At CHF 100.9 billion, this exceeded the 100 billion mark for the first time. On the liabilities side, according to the bank’s report, obligations from customer deposits fell by 1.8 percent to 101.5 billion francs.

Last year, business income also increased by 16.1 percent to 3,194 million. In the first half of the year in particular, there would have been tailwind from the monetary policy of the Swiss National Bank (SNB) and the further rise in the yield curve.

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“Savers benefit because their savings earn interest again,” according to the bank’s statement.

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