H1 profitability for 2020 down compared to record results of H1 2019
BCGE informs its shareholders that its profitability for the first half of 2020 will be lower than that of the same period last year.
Amid major disruptions caused by the health crisis and recent tensions in the international trade finance market, additional provisions must be made. Net earnings and operating profit will be around 7% and 46% lower respectively, compared to the record results for the first half of 2019 (H1 2019 net profit: CHF 59.3 million).
Barring any further decline in the economic situation and taking into account the very positive commercial developments seen in mortgage financing and private and institutional wealth management, the bank expects a lower overall result over the year, while still seeing equity growth and the distribution of a dividend.Half-year results will be published on 11 August 2020.