Zurich (awp) – The Cantonal Bank of Uri (UKB) suffered a slight decline in its net profit in the first half, while operating income was at the same level as a year ago. Particular attention has been paid to cost control, the establishment said on Thursday.
Half-year profit fell 2.7% year-on-year to 9.5 million Swiss francs, which is explained by a non-recurring effect in the previous year, when a gain of 0.6 million had was registered on an extraordinary basis.
Operating income remained stable at 22.6 million while operating profit increased by 3.2% to 9.6 million. Net income from interest operations fell by 4.5% to 17.0 million, while commission and service activities brought in 4.4 million.
Above all, the UKB succeeded in reducing its charges by around 5.5%, which amounted to 11.9 billion. The workforce was reduced by 2.2% to 91 full-time equivalents. The cost-to-revenue ratio was thus improved to 52.1%, after 58.7% at the end of December.
On the balance sheet, loans to customers passed the 3 billion Swiss franc mark, up 1.6%, driven by mortgages. Customer deposits remained almost stable at 2.12 billion. The balance sheet total swelled by 5.1% to 3.77 billion.
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