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The SP, Greens, and GLP parliamentary groups in the Cantonal Council are urging the St.Gallen Cantonal Bank (SGKB) to enhance its focus on ecological sustainability following its poor performance in the WWF's retail bank ranking, where it ranked last alongside Valiant. They criticize the bank's lack of clear sustainability objectives and call for the canton of St.Gallen, as the majority shareholder, to actively shape the bank's strategy to meet climate targets. SGKB, while acknowledging the need for improvement, asserts its commitment to sustainability across social, economic, and environmental dimensions.
Home ownership in the St.Gallen region is becoming increasingly expensive, driven by strong demand and a decline in interest rates. Prices for condominiums rose by 6% and single-family homes by 3% over the past year, with significant increases noted in Gossau and Flawil. Despite brisk construction activity, a drop in building permits has led to a supply shortage, suggesting that prices will continue to rise in the coming months.
St. Galler Kantonalbank reported full-year 2024 results with revenue at CHF 548.5 million, a decline of 2.6% from the previous year, while net income rose by 3.8% to CHF 215.1 million, resulting in a profit margin increase to 39%. Looking ahead, revenue is expected to grow at an average rate of 4.8% annually over the next three years, outpacing the Swiss banking industry's forecast of 2.4%. The bank's share price remains stable compared to the previous week.
The Startfeld Diamant awards recognize innovative start-ups in Eastern Switzerland, with finalists participating in management seminars to refine their business ideas. An expert jury will select winners for the Startfeld Diamond and Rough Diamond, with the ceremony scheduled for June 4, 2025.
The St.Galler Kantonalbank is launching the 14th round of the "Startfeld Diamant" project, offering financial support to young companies in Eastern Switzerland, with a main prize of CHF 30,000. Among the 38 participants are three from the Wil region, including STREET FOOD KING, which transforms food truck concepts, FLAWA IQ, which innovates first aid kits with sensor technology, and GEMPEARL, which improves juice packaging for better usability.
St. Galler Kantonalbank has successfully raised 300 million francs with a coupon rate of 1.125 percent, set to mature on March 21, 2046. The issue price stands at 100.42 percent, yielding a maturity yield of 1.1025 percent, and is rated Aa2 by Moody's. The bonds will be listed on SIX starting March 20, 2025.
Christian Schmid, CEO of St.Galler Kantonalbank, reported a 10% decline in net interest income for 2024, attributing it to a return to long-term growth after a spike in 2023. Despite challenges in the industrial sector, the bank saw a strong increase in assets under management and customer trust, with a balanced business model mitigating losses in interest income. SGKB proposed a dividend of CHF 19 per share, reflecting a 52% payout ratio and a yield of 4.3%.
Swiss stocks continued their upward trend, with the Swiss Market Index rising 0.16% as investors reacted to US inflation data, which showed an annual rate increase to 3% in January. Companies like Schindler and SGS reported positive earnings, with Schindler's shares climbing 1.50% following a significant profit increase. SGS also saw a 1.52% rise after acquiring an Italian customs operations firm, enhancing its services in Europe.
St.Galler Kantonalbank has successfully increased its profits in 2024, despite a decline in its interest business within the money market sector. This achievement was made possible by utilizing a strategy involving the reserve for general banking risks.
St.Galler Kantonalbank reported an increase in consolidated profit for 2024, despite a decline in its interest business during the first half of the year. This growth was achieved through a strategic adjustment involving the reserve for general banking risks.
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