Fiscal year 2023
Sparkasse Schwyz with growth and higher dividends
Sparkasse Schwyz has successfully completed the 2023 financial year. Both customer deposits and loans increased, and earnings increased. The dividend will now be increased.
According to its own assessment, Sparkasse Schwyz has presented “strong” annual financial statements.
Image: Keystone / Sigi Tischler
Business success as a measure of operational performance rose significantly by around 60 percent to 13.4 million francs. The bottom line was an annual profit of 3.8 million francs (+20%), with 8.2 million francs still allocated to the reserves for general banking risks.
The bank increased its operating income to 31.1 million francs, which corresponds to an increase of almost 26 percent. All income areas contributed to growth. The most significant increase for the second year in a row was the central interest business, which was still declining in 2021. Here success rose to 25.7 million francs (+48%). The bank explained that the change in interest rates had a significant impact on interest income and expenses.
Meanwhile, success in the commission and service business rose slightly to 4.9 million francs (+2.5%), while the comparatively small trading business increased by 4.2 percent to 1.7 million francs. The bank was also able to continue its growth path in the asset management and investment business and significantly increase the number of customer deposits (+9.0%).
Higher cost
Meanwhile, costs also rose. Operating expenses rose by 7.9 percent to 15.7 million francs. Personnel expenses increased by around 10 percent, and material expenses rose by 4.0 percent.
The growth in customer funds (+0.2%) and customer loans (+2.6 percent) continued. The balance sheet total was also slightly higher at around 2.1 billion francs (+1.2%).
At the general meeting, the bank wants to propose the distribution of a dividend of 17 francs per registered share (previous year 16 francs). (sda/awp)
2024-02-16 16:50:06
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