Aargauische Kantonalbank (AKB) achieved a record profit in 2021. This amounts to a total of CHF 171.4 million.
the essentials in brief
- The Aargauische Kantonalbank earned over 24 percent more in 2021 than in the previous year.
- With an annual profit of CHF 171.4 million, it set a new record.
The state-owned Aargauische Kantonalbank (AKB) made an annual profit of CHF 171.4 million in 2021. That is 24 percent more than in the previous year and a new record. The canton of Aargau should also benefit from this.
The fact that AKB formed significantly lower reserves for general banking risks at CHF 25.6 million (-45%) helped the annual profit to get going. In the previous year, the institute had made even higher reserves due to the pandemic situation.
Business success is also increasing
However, business success as a measure of the operating result also increased by 4.1 percent to CHF 200.8 million. It is the best operating result in the history of the bank, as announced on Tuesday.
In consultation with the government council, the bank council is now applying for a profit transfer of CHF 90 million to the canton of Aargau. That is 23 million more for the state coffers than in the previous year.
In addition to the CHF 11.1 million for the payment of the state guarantee, the canton will receive total compensation of CHF 101.1 million. In addition, there are 9.7 million Swiss francs in income taxes in favor of the local communities.
Customer assets rose by a significant 16 percent to CHF 35 billion, of which CHF 1.1 billion were new deposits. Customer deposits climbed a good 12 percent to 22.8 billion.
Whether and to what extent AKB benefited from the disappearance of Neue Aargauer Bank (NAB) is not disclosed in the communiqué. The long-term regional rival was incorporated into the major bank Credit Suisse at the end of 2020.
Interest business accounts for three quarters of business income
Interest business contributed almost three quarters to AKB’s operating income. At CHF 306.2 million, net income from interest operations was 0.9 percent above the previous year’s level, despite pressure on margins.
Mortgage receivables, the most important item in customer loans, rose by 2.3 percent to CHF 22.7 billion. The largest part of the growth “in line with the strategy” came from home mortgages. The AKB Green mortgage was also “a complete success”, they say.
AKB expects a “good” result for the current 2022 financial year.
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