Zug,23.01.2009

Zuger Kantonalbank announces successful year

2008 was a successful year for the Zuger Kantonalbank (ZGKB). An even better year than record-year 2007. Assets exceed the 10 billion mark. One reason for the successful year was the over 4,000 new customers who transferred their money from other banks.

The bank achieved a profit of 61.3 million francs, a 24.1 per cent increase over the previous year. Already last year the bank achieved a 25 per cent increase or 49.8 million francs. The dividends will again increase, from 130 francs to 175 francs per share, according to a press release today.

For the first time in the history of the bank, assets totalled over 10 billion francs (+6.4%). The Bank accredits the growth, among other things, to the fact that many worried customers from other banks transferred their savings to banks that were not involved in the sub prime market crisis. The Zuger Kantonalbank welcomed 4,000 new customers. Client funds rose by + 12.9% or around 780 million francs.