SIX profits plunge but sec services sees uptick

SIX has recorded a slight increase in its securities services revenues against the backdrop of a large reduction in the group’s net profit.
By Paul Walsh
SIX has recorded a 69% drop in its 2016 Group net profit as its securities services business segment saw a slight increase.

Group net profit stood at CHF 221.1 million in 2016 compared to CHF 713.7 million in 2015.

SIX Securities Services’ operating income stood at CHF 377.4 million in 2016 compared to CHF 353.9 million the year prior, although the increase was the result of a sale of a property in Zurich, SIX said.

The Group specified that its net profit was “within the long-term trend”.

“SIX held its position in 2016 in an increasingly challenging environment and generated a pleasing result,” said Urs Rüegsegger, Group CEO at SIX.

“The environment in which SIX operates will remain challenging, as will the margin and cost pressure and SIX will take these circumstances into account as it continues its growth path.

“The development and provisioning of new products and services are just as important as continuing our strict cost discipline,” said Rüegsegger.