BBVA in Switzerland annual report: 2020
BBVA in Switzerland (thereafter BBVA SA or the Bank) has ended a year with strong results, which demonstrates the solid business model it manages, being extraordinarily resilient, given the unprecedented circumstances after the COVID-19 that we have experienced during 2020 and which will foreseeably be extended during 2021.
The outbreak of the pandemic has negatively impacted and may continue to impact economic and social conditions in some of BBVA’s coverage markets, including Latin America and Europe, as public, private, and government entities implement containment and quarantine measures.
As we look ahead, we are confident that the vaccination programs, as well as the implementation of containment measures, will contribute to a gradual normalization in social life and the reactivation of the economies. Given the unprecedented times, BBVA in Switzerland reaffirms its commitment to develop a client centric business model, which aims to offer clients the stability and all the necessary capabilities to manage and diversify their wealth.
Despite the closed borders and restricted opportunities to meet clients domestically and abroad in most of the countries we cover, we prove ourselves that we were able to bring net client inflows and new client relationships to the Bank. The total assets under management reached CHF 4,849 million or 4% less vs 5,064 million at the end of 2019. Net new money growth rate was 4%, while market effect weighted 8% in the total assets under management.
The Net Income was CHF 9.91 million in 2020, representing an increase of 29% over 2019, reaching CHF 35.1 million commission income generation, which implies an increase of 2% increase over 2019. The Bank has also controlled its expenses, reducing them by 11%, closing the year with an efficiency ratio of 72.6%, in line with our mid term targets. Our balance sheet remains well diversified with a CET1 ratio of 44.9% at the end of the year.
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