SGKB share friendly: SGKB continues to feel the effects of the Credit Suisse takeover

The St. Galler Kantonalbank (SGKB) was able to benefit from new additions in the second half of 2023 as a result of the takeover of Credit Suisse by UBS.

“We still feel it, but less strongly,” said SGKB boss Christian Schmid in an interview with the St. Galler Tagblatt on Saturday.

At the same time, Schmid emphasized that he regrets CS’s problems. “That’s not positive, especially since it also damages the image and reputation of the entire banking industry.” Schmid did not want to comment on any customer relationships with the Austrian investor René Benko, citing customer confidentiality. “But I can say that the issue doesn’t worry me,” he said.

For the full year 2023, the CEO of the cantonal bank continues to expect “earnings above the previous year”. In the first semester, the institute reported an increase in net profit of almost 20 percent.

Schmid confirmed that the bank was able to expand its interest margin thanks to the increased interest rate level. “But the margin is still nowhere near the level of previous years.” In addition, during the negative interest phase, the SGKB only charged these to our customers in very few exceptional cases. The cantonal bank currently sees “no need for action” to further increase savings interest rates.

The SGKB share temporarily gained 0.21 percent to 484.00 francs on Monday on the SIX.

/tp/AWP/he

St. Gallen (dpa-AFX)

Selected leverage products on Sankt Galler Kantonalbank (N)

With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the leverage you want and we will show you suitable open-end products on Sankt Galler Kantonalbank (N)

Advertising

ttn-28