Monday, March 20, 2023

Migros Bank significantly increases income in 2022

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Migros Bank with a slightly higher net profit (archive image)

The bank also grew strongly in the mortgage business.

The institute was able to increase its business income by 7.8 percent to CHF 703.0 million, as announced by Migros Bank on Tuesday. However, operating expenses also rose sharply, up 13.0 percent to CHF 386.7 million. The bank justifies the increase, among other things, with the “substantial development investments” in the card business. Migros Bank took over the issue of the Cumulus card for parent company Migros last summer after the partnership between Migros and the previous publisher Cembra expired.

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