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H2 and Full-Year 2023 Financial Results

Ad hoc announcement pursuant to Article 53 of SIX Exchange Regulation Listing Rules

Highlights and selected financials
Grégoire Pennone

Grégoire Pennone

Chief Executive Officer, ONE swiss bank

“2023 was another successful year for ONE swiss bank SA, brimming with achievements and culminating in healthy financial results. Our restructuring efforts in 2022 laid the groundwork for robust organic growth last year, and for the first time in a decade there were no M&A transactions. Organic growth in 2023 also reflected a collective effort. Among the many positive financial outcomes, we can highlight payment of an ordinary dividend of CHF 0.15 in April and a special dividend of CHF 0.23 per share in November. Last but not least, we undertook the required steps to delist from SIX Swiss Exchange. The last trading day will be 6 March 2024.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 209% in the full year to CHF 16.5 million. Our cost/income ratio, excluding depreciation and amortisation, improved in a similar manner, decreasing by 24 percentage points to 61.7% in comparison with 2022. Net profit was CHF 12 million after taxes, depreciation and amortisation of CHF 4.5 million, most of which was goodwill.

Correspondingly, earnings per share (EPS) improved to CHF 0.77. As a consequence, our regulatory capital strengthened by CHF 10.4 million to CHF 46.2 million, with a comfortable global capital ratio of 26.7%, up from 18.5% in 2022.

Clients assets (AuM) grew by 12% to CHF 5.078 billion. Net new money was positive across our three business lines.

On a different note, we’re pleased to report that we’ve continued to expand our sustainability efforts by hiring a dedicated Sustainability Officer. I’m also thrilled to announce the upcoming publication of our second Sustainability Report, with reference to the GRI Standards, alongside our 2023 Annual Report.

Having laid the foundations for our responsible investment strategy, we’re confident that the steady integration of ESG analysis into our investment processes will align our commitment to delivering strong financial returns with the social and environmental values that we hold dear. It’s a key goal not only for our investment team but also for our institutional and private clients.

On a less positive level, our operations in the Middle East, through our subsidiary in Dubai, did not grow as we had forecasted owing to the challenging and highly competitive business conditions in this market. We will nonetheless continue our efforts to expand our business in the region. We have also put on hold a project to develop our credit offering, preferring to maintain the liquidity level of our balance sheet.

Last year we also celebrated the grand opening of our new Geneva headquarters in the presence of two State Councillors. Having our base in this centrally located building will strengthen our footprint in Geneva and lay the foundation for strong and steady growth.

We’re looking forward to continuing our efforts in 2024 and seizing new opportunities, particularly in institutional mandates. We believe that Swiss pension funds need a local, niche and independent approach, and this is what marks us out from the industry majors.”

– Media release (download PDF)

All documents are available in the “Investor relations” section of the website.

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