The SIS Swiss Financial Services Group AG reported on its third record year in succession, with consolidated profit in 2006 increasing year-on-year by 17 percent to CHF 34.6m.
That result includes non-recurring provisions of CHF 25m in connection with the pension fund changeover and the corresponding change of retirement plan system. It also includes substantial price reductions of approximately CHF 50m per year granted from SIS SegaInterSettle to its clients, which impacted the result by approximately CHF 35m.
The strong financial markets worldwide and the correspondingly high transaction volumes in Switzerland and abroad significantly contributed to the excellent result, the company said in a statement.
“Along with market effects, stringent cost management and consistent efforts to gain better purchase conditions have had a positive impact on the latest record result to the benefit of our clients,” says Romeo Lacher, chairman of the board of directors of SIS Swiss Financial Services Group AG. “In the past years, the SIS Group has demonstrated its ability to act as a highly competitive market player. One of the advantages of a merger is that the new organisation will allow the SIS Group to achieve an even more competitive cost structure and to benefit from further economies of scale. The potential to act is increased by quick and, if necessary, collaborative decision making, even in the case of large investments.”