Zurich (awp) – Consumer credit and payment card specialist Cembra Money Bank saw its half-year performance accelerate in the first six months of the year. The establishment expects a “solid” evolution of its activity throughout 2022.
In the first six months of the year, net operating income increased by 6% year on year to 250 million Swiss francs, while expenses contracted by 2% to 122 million, announced the establishment. Zurich on Thursday in a press release.
In terms of profitability, pre-tax income rose by 16% to 113 million and net profit accelerated by 15% to 90.6 million.
While revenues are almost in line with the forecasts of analysts interviewed by the AWP agency, the net profit clearly exceeds the expectations of specialists.
For the whole of the 2022 financial year, management expects a “solid” result and a return on equity of 13% to 14%. The new credit card offer, after the end of the partnership with Migros, and the investments in IT will weigh on revenues and costs.
The medium-term objectives have been confirmed. In autumn 2021, Cembra set itself new financial targets for the 2022-2026 period, betting in particular on a return on equity of 13-14% for the years 2022-2023 and more than 15% from 2024. A dividend of at least 3.85 Swiss francs is planned for 2022.
al/ib