Against the backdrop of the health crisis, the half-year profit showed a slight decline (-1.2%) to 12.8 million francs.
–
Bank Linth closed the first half of 2020 with almost stable results over one year, despite a significant drop in revenues, mainly due to value adjustments related to the credit risks caused by the COVID-19 crisis.
During the period under review, operating income fell 7.8% year-on-year to CHF 46.3 million. The decrease is mainly attributable to the erosion of interest-bearing activities, down to 32.2 million, or 10.5% less than a year earlier.
In its interim report published on Monday, the Saint-Welsh establishment underlines that the evolution of the gross result of its main source of income has been positive – adjusted by a value adjustment of nearly 2.7 million caused by COVID credits – turned out to be positive.
The income from commissions and services (9.8 million) as well as from trading operations and exercise of fair value (3.2 million) remained virtually stable. Operating expenses were reduced by 0.5% to 29.2 million. The half-year profit shows a slight decline (-1.2%) to 12.8 million.
On the balance sheet, assets under management (AuM) stood at 7.4 billion francs at the end of June, down 1.6% compared to the closing of the previous year, despite an influx of new money of 119 , 9 million during the period under review,
The loans granted swelled by 1.3% to 6.2 billion, including 6.03 billion in mortgage loans. As part of the business assistance program, Bank Linth also authorized COVID credits to the tune of 55.6 million.
The management of the establishment did not venture into the field of quantified forecasts for the rest of the year.
–
