The Cornèr Group consolidates its growth
Ein Dokument
Lugano (ots)
Faced with an uncertain economic environment, driven by a restrictive monetary policy and declining interest rates, the Cornèr Group maintained a stable growth trajectory thanks to its prudent philosophy and solid equity position, with capital resources rising to CHF 1,223 million (+5.9 %). The 73rd financial year closed with a balance sheet total close to CHF 8,700 million (+10.1 %), driven by growing client confidence, with increased deposits, and by greater use of the lines of credit granted. Revenues amounted to CHF 491.1 million (CHF 505.9 million in 2023), while net profit amounted to CHF 65.7 million (CHF 74.9 million in 2023), in line with the budget forecast.
In 2024, the Cornèr Group completed two key projects that strengthened its strategic position. On the one hand, the opening of a new branch in Guernsey, mainly issuing structured products, broadened business opportunities, attracting new clients and contributing to increased capital raising. On the other hand, the development and launch of a new and completely internalised online trading platform strengthened the Group's IT independence, ensuring maximum operational flexibility.
Despite a decline in income from interest transactions of about CHF 24 million (or 12.9 %) due to the general fall in interest rates, all of the Group's main activities showed satisfactory performance, reflected in income from commission of CHF 198.6 million (+0.6 %) and income from trading activities, which grew by 7.8 % to CHF 118.5 million.
In particular, there was solid growth in all credit segments and especially in mortgage lending, which reached the CHF 2,489 million commitment threshold. Additionally, Private Banking and Cornèrtrader recorded positive results in attracting new clients and asset growth in general. Also noteworthy are the consistently satisfying volumes generated by the payment card sector, where Cornèrcard is still one of the leaders in the Swiss market.
The growth in client deposits, which exceeded 5 billion francs (+10.4 %), is encouraging. In addition, the Bank decided to increase the reserves for general banking risks by CHF 20 million, bringing the total to CHF 200 million (+11.1 %).
The Group's liquidity also continues to remain above one billion francs, most of which is deposited with the Swiss National Bank.
The increase in operating expenses to CHF 342 million (+5.5 %) reflects, on the one hand, the significant financial investments to support the above-mentioned strategic projects and, on the other hand, the organic growth of the workforce.
At the end of 2024, the Cornèr Group employed 1,136 full-time employees (an increase of 37) - 988 in Ticino (960 at the end of 2023), 119 in the rest of Switzerland and 29 abroad.
The annual report will be published on cornergroup.ch by 30 April 2025.
Contact:
Daniela Gampp
Phone: +41 91 800 56 09 // daniela.gampp@corner.ch