Bank Cramer boosted in 2023 by rising interest rates

Bank Cramer boosted in 2023 by rising interest rates
Bank Cramer boosted in 2023 by rising interest rates

Banque Heritage saw its net profit increase from 2.9 million in 2022 to 16.2 million francs last year. The Geneva establishment highlights the favorable interest rate environment coupled with the relevance of its cost management.

From last January to December, consolidated turnover reached 73.9 million, 26.7% more over one year, reports a press release published on Monday. The assets under management increased by 0.5% to 4.08 billion, although the performance was “neutralized by negative exchange rate effects due to the appreciation of the franc”, underlines the bank.

Activities in Switzerland and Uruguay contributed to net capital inflows of 134 million, after 59.1 million in 2022. Illustration of a “solidly capitalized” bank, the hard capital rate (Tier 1) is displayed at 20.8% and the liquidity ratio (LCR) at 248%.

For 2024, Banque Heritage intends to continue its growth in terms of performance and assets under management “and the results for the first quarter of 2024 point in this direction”, assures general manager Marcos Esteve to the AWP agency. With a view to continued investments, particularly in terms of digitalization, the establishment plans to strengthen its teams on its various sites. At the end of December, the workforce was 173 positions.

Concerning the tense geopolitical context at the start of the year, “the Swiss banking center stands out once again, offering its Swiss and international clients stability and know-how in asset management”, underlines Mr. Esteve. In the first quarter, the bank recorded a net inflow of assets. “We expect this trend to continue in the coming quarters,” he adds.

Two new members joined the board of directors at the general meeting on April 23. Torsten Koster was appointed president and Johannes Barth vice-president. Mr. Koster succeeds Paul-André Sanglard who is leaving his seat after seven years of service.

This article was automatically published. Sources: ats/awp

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