Banque Cantonale Vaudoise Reports Unaudited Group Earnings Results for the Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year 2015; Announces Board Changes
November 11, 2015
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Banque Cantonale Vaudoise reported unaudited group earnings results for the nine months ended September 30, 2015. For the period, the company reported total revenues increased 4% year-on-year to CHF 773 million. Interest income fell 3% to CHF 369 million in a continuing low-interest-rate environment. Operating profit rose 9% to CHF 390 million.
Barring a significant deterioration in the financial markets or in the overall economic situation, business development for the full year of 2015 is expected to trend along the same lines as in the first nine months.
Peter Ochsner's appointment to company's Board of Directors by the Vaud Cantonal Government was announced on 2 November 2015. He will take office on 1 July 2016, replacing Stephan A. J. Bachmann, who will soon reach the age limit for serving on BCV's Board as specified in the law governing BCV. Mr. Bachmann's term will end at the close of the Annual General Meeting on 21 April 2016. He previously held various positions at PricewaterhouseCoopers SA (PwC), including head of the firm's auditing practice in Switzerland and member of PwC Switzerland's management board. Upon joining BCV's Board, Mr. Ochsner will chair the Audit and Risk Committee.
Banque Cantonale Vaudoise (BCV) is a Switzerland-based banking company engaged in the provision of a range of services in retail banking, wealth management, corporate banking and trading. In addition to its traditional areas of business (savings & loans and wealth management), BCV engages in large-corporate financing and selected trade-financing operations in commodities (softs and metals), and offers a portfolio of stock exchange services, including financial engineering consulting, equity and derivatives trading and operations in interest-rate instruments. The Company is also active in the field of new issues of fixed-income and structured products as, well as foreign-exchange trading. BCV is the parent company of a banking and financial group, which includes a private bank, two fund management companies, an online trading site and a private equity company. BCV also has a branch in Guernsey, which is active in structured products and fiduciary investments.
Banque Cantonale Vaudoise Reports Unaudited Group Earnings Results for the Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year 2015; Announces Board Changes