Gross assets under management increased by +7.3% over the past year to stand at 3.2 billion francs and net profit rose by 60% to 9.1 million.
Thanks to an increase in assets under management and an improvement in the interest margin, Banque Cramer & Cie SA has published significantly higher figures for the 2023 financial year, both in terms of revenue, operating profit as well as net profit. This significant progression follows an already largely positive year in 2022.
Inflows of new money and progression of the assets in management
In fact, gross assets under management increased by +7.3% over the past year to stand at 3.2 billion francs as of December 31, 2023. This increase is explained in particular by net inflows of customer funds which amount to 398 million.
Increased revenues and results
Operating income increased by +15.3% in 2023 to reach 50 million francs (43.4 million in 2022), an improvement which is mainly explained by the sharp increase in interest transactions. For their part, operating expenses increased by +5% to stand at 34.2 million (32.6 million in 2022), notably due to the hiring of 4 additional employees. Thus, the cost/income ratio further improves and rises to 82% in 2023, compared to 86.9% in 2022. As a result, operating income increased significantly (+72.1%) and totaled 14.8 million ( 8.6 million in 2022). Despite an additional allocation of 4.5 million to the reserve for general banking risks, net profit jumped to 9.1 million (5.7 million in 2022), an increase of +59.7% compared to the year former.
Solid balance sheet
The Bank’s balance sheet remains particularly solid, with shareholders’ equity above 89 million francs, a total liquidity ratio of 398.02% and a CET 1 ratio of 29.41% (22.42% in 2022), then that the minimum requirements are 7.00%.
New Chairman of the Board of Directors
Furthermore, the Board of Directors will now be chaired by Alain Sierro, who was already CEO of the Bank between 2005 and 2008 and member of the Board since 2019, replacing Massimo Esposito, who wished to step down from the presidency but who will continue to serve as a member. Furthermore, Claude Suchet will join the Board of Directors as an independent director. Claude Suchet worked for more than 10 years at Finma and 17 years with its predecessor, the CFB.
Since March 4, 2024, the general management has been chaired by Thomas Müller, who will soon also join the shareholder base of Norinvest Holding SA, sole shareholder of Banque Cramer & Cie SA. Thomas Müller has extensive experience in leading banking executives and has been called upon to take a new step in the development of the bank.
Growth strategy based on two axes
“The excellent results recorded during the past financial year confirm the solidity of our business model and the merits of the measures to improve operational efficiency that we have put in place for several years. We can now reap the benefits of these efforts and will devote our resources to the implementation of our development strategy, which is based on organic growth and a policy of targeted acquisitions,” declared Alain Sierro.
