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st gallen cantonal bank reports profit increase despite lower interest rates

St. Gallen Cantonal Bank reported a 3.8% decline in net profit to 215.1 million Swiss francs for 2024, despite lower interest rates. Revenues fell by 3.3% to 561.7 million, while assets under management rose to 64.5 billion Swiss francs, bolstered by CHF 3.1 billion in new money. Shareholders will receive an unchanged dividend of 19 Swiss francs per share.

st gallen cantonal bank reports profit increase despite lower interest rates

The Cantonal Bank of St. Gallen reported a 3.8% increase in net profit for 2024, reaching 215.1 million Swiss francs, despite a 3.3% drop in overall revenues. Shareholders will receive an unchanged dividend of 19 Swiss francs per share, with expectations for fiscal 2025 to match last year's performance. The bank attracted 3.1 billion in new money, raising assets under management to 64.5 billion, while customer loans grew by 5% to 33.8 billion.
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