The Cantonal Bank of St. Gallen (SGKB) suffered from market turbulence and interest rate increases in the first half of the year. Due to geopolitical and economic uncertainties, he expects to close the current financial year with a lower result than the previous one.
The operating result shrank on an annual basis by 1.9%, to 106.9 million francs, and the net profit by 3.0% to 91.2 million, the canton establishment indicates in its report mid Road on Wednesday.
For the financial year as a whole, SGKB expects a result lower than the 181.2 million generated in 2021. course of business. The rise in the price of silver is also accompanied by increasing uncertainty about the world economy. SGKB nevertheless intends to keep its dividend unchanged at 17 francs per share.
The Eastern Switzerland institute’s operating income fell by 2.9% over one year, to 245.9 million francs, mainly due to the 2.2% drop in net income from interest operations, to 149.8 million francs. Trading activity saw its revenue fall by 15.8% to 17.4 million. Only the commission and service activity increased (+5.1%) to 78.0 million.
Despite net capital inflows of 850.5 million francs, the assets under management (AuM) fell by 6.6% compared to the 2021 close to 52.1 billion francs, due to the weakness of financial markets.