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Cantonal Bank – Thurgauer Kantonalbank increases profits | News

Thursday, August 24th, 2017 | Economy

The business success – as a key indicator for the bank's operational performance – rose by 7.6% to CHF 79.8 million in the reporting period. And the half-year profit was 8.1% higher at 71.9 million CHF.
The TKB has "well mastered the first semester", the Eastern Swiss Institute on Thursday announced. "The solid growth in loans and customer deposits underlines our leading position in the canton."
Business income rose by 1.0% year-on-year to CHF 160.9 million. The main factor was the interest rate business, where gross profit declined by 2.8% to CHF 122.4 million despite higher volumes due to the ongoing margin pressure. However, due to lower valuation allowances for default risks, the decline in net interest income was only 1.9%, as it is said.
Deeper business success than expected in 2016
Net income from commission and services business grew by 6.5% to CHF 25.3 million, while the trading business grew by 8.1% to CHF 12.5 million. The remaining ordinary income also amounted to 4.1 million after 2.6 million the year before. In the meantime, business expenses were reduced to CHF 79.7 million (-3.2%), resulting in a cost / income ratio of 48.5%.
Customer loans increased by 1.5% to CHF 19.1 billion and customer deposits rose by 2.5% to 14.1 billion. The net new money inflow of investment funds amounted to CHF 478.8 million in the first half of the year, Which corresponds to 2.9% of managed client assets of around 17 billion CHF.
The Bank also expects a solid business development for the second half of the year, despite a lively competition environment. For the current financial year, however, a further downturn in business is expected "in the very good year 2016".
(AWP)

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