The Geneva Cantonal Bank (BCGE) reports a remarkably stable result for the first half of the year. This is not incorrect. Revenue increased by 3,1 percent to 300 million francs in the first six months of this year. The managed assets (+3,8 percent) and the mortgage business (+3,5 percent) performed particularly well. However, this could not prevent the operating profit of 137 million francs and the net profit of 116 million francs from being below the previous year's values. The former decreased by 0,3 percent, and the latter by 0,7 percent.

So, the trees in Geneva do not grow to the sky either. 2023 was a record year for BCGE. The institute also expects the annual result for 2024 to be slightly below that of the previous year.

Personnel Expansion and Digitalization Take Their Toll

Especially notable is the 5,9 percent increase in operating expenses (150 million francs). Here, the expansion of the team and investments in digitalization are evident. The group has created 25 new positions and currently employs 942 staff members (in full-time equivalents).

Increasing Lending

The mortgage and lending business is running smoothly. BCGE granted funds to corporate and private customers totaling 19,9 billion francs in the first six months, an increase of 3,5 percent. Of this, 13,7 billion francs are in mortgage loans and 6,2 billion francs in customer loans. Mortgage loans account for 44 percent of the balance sheet total.

BCGE serves more than 250'000 customers, including 22'489 companies.

Increase in Managed Assets

Managed assets increased by 3,8 percent to 36,6 billion francs in the first half of the year. The total inflow of new customer funds from private and corporate clients amounted to 352 million francs.