In a statement released today, the Basler Kantonal Bank (BKB) announced a jump of more than 65% in its profit. BKB explains the strong rebound by the fact that the 2013 performance was weighted down by various charges, in particular those relating to the US tax dispute. The provision was kept unchanged at CHF 109m.
For the record, BKB is a Category 1 bank, i.e. the banks that were already under investigation by the US Department of Justice (DoJ) at the time of the publication of the US Program on August 29, 2013. They are excluded from the Program and will have to provide individual delivery of US requested information. They need to find a solution based on direct negotiations with the DoJ and the fines are defined on an individual basis.