The Cembra Money Bank has achieved in the business year 2018, a new record result. On the granting of consumer loans specialized Bank grew in the past year, in all of its divisions, the strongest driver of growth the credit card business was once again.
The net profit climbed in the past year, to the maximum value of 154.1 million Swiss francs, such as the Cembra Money Bank announced on Friday. The net profit was up 11 per cent year-on-year in the case of 438,8 million Swiss francs.
The shareholders benefit from the good development of the business through an increase in the dividend to 3.75 francs per share to 3,55 CHF in the previous year.
Rising personal loans
The net receivables in the consumer credit Bank to its customers increased last year by 5 per cent to a further maximum value of 4.81 billion Swiss francs. Was driven by the allocation of private credit, the Net assets increased as compared to the customers by 6 percent. In the area of vehicle financing, the net claims increased by 2 percent.
the fastest way is the credit card business, where the Cembra Money Bank publishes, among other things, with the Migros Cumulus card. Here are the net claims increased by 13 percent. The number of Cembra Money Bank issued credit cards amounted at the end of the year, to 892,000, an increase of 11 percent compared to the previous year.
Growing Commission income
The net Interest income climbed 9 percent to 309,2 million Swiss francs. In addition to the yield increases in private credit – and the credit card business was able to benefit the Bank from a decline in interest expense. The income from commissions and fees increased thanks to the rising income in the credit card business by 15 percent to 129.6 million Swiss francs.
operating expenses increased in the past year, however, with a Plus of 15 percent to EUR 193.0 million Swiss francs. The company increased in the past year, the number of staff and made according to the communication, especially in the second half of the year, investments in technology and growth initiatives. The cost-to-income ratio worsened to 44.0 percent (previous year 43.1 percent).
With the results, the Bank has surpassed the expectations of analysts on all levels. They had expected on average an operating income of 428 million francs and a net profit of 153 million. The dividend had forecast, on average, 3.68 and Swiss francs.
Additional investments
in the current fiscal year Cembra want to invest in additional growth initiatives. Including new offerings of the 2017 subsidiary acquired Swiss billing fall. The Bank expects in the next three to four years, with costs totalling around 40 million Swiss francs.
For 2019 is Cembra now, under the assumption of an unchanged economic environment, of a result of between 5.40 Swiss francs and 5,70 Swiss francs per share (2018: 5,47 Swiss francs). The Management expects that the continuing compensate for the growth in credit card business, the decrease in interest income in the area of private loans.
(oli/sda)
Created: 22.02.2019, 09:01 PM
