The oldest socialist MP elected president of Parliament

The oldest socialist MP elected president of Parliament
The oldest socialist MP elected president of Parliament

The increase in management volumes and the improvement in the interest margin enabled Banque Cramer & Cie to improve its profitability in 2023. Net profit jumped 59.7% to 9.1 million francs.

Operating profit soared by 72% to 14.8 million francs, said the Geneva establishment, active in wealth management and financial services to entrepreneurs and wealthy clients, on Thursday. An amount of 4.5 million was allocated to the reserve for general banking risks.

Revenues increased by 15.3% to 50 million francs, thanks mainly to the increase recorded in interest transactions. The rate increases decided by the Swiss (SNB) had a positive influence on the interest margin, as for the entire Swiss banking sector. Expenses increased by 5% to 34.2 million. The ratio of expenses to income was improved by 4.9 percentage points to 82%.

The assets under management increased by 7.3% to 3.2 billion francs, thanks in particular to net inflows of money of 398 million, more than the 333 million of the previous year.

Since March, the establishment has been managed by Thomas Müller, with a view to his upcoming entry into the capital of Norinvest Holding, sole shareholder of Banque Cramer & Cie. The new boss was “called to take a new step in the development of the bank”, specifies the press release.

Another change in the governing bodies, the board of directors is now chaired by Alain Sierro, who led the establishment from 2005 to 2008 and who has sat on the supervisory body since 2019. Outgoing president Massimo Esposito will continue to work in quality of administrator.

This article was automatically published. Source: ats

#Swiss

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