Cembra Money Bank Says Profit Little Changed After IPO

Cembra Money Bank AG (CMBN), the Swiss consumer finance provider spun off from General Electric Capital Corp., said 2013 profit was little changed in its first earnings report after the lender sold shares to the public.

Net income was 132.9 million Swiss francs ($151 million), compared with 133.1 million francs a year earlier, the Zurich-based company said in an e-mailed statement today.

“2013 was an exciting year for our bank with the successful IPO,” Chief Executive Officer Robert Oudmayer said in the statement. “We didn’t lose focus on our daily business.”

Cembra Money Bank, which generates revenue from loans, vehicle financing, credit cards and savings and insurance services, proposed a dividend of 2.85 francs a share, in line with a plan to pay 60 percent to 70 percent of profit to shareholders.

The company forecast 2014 earnings per share of 4.40 francs to 4.60 francs, compared with 4.43 francs in 2013.

The lender, formerly known as GE Money Bank, sold shares in an initial public offering in October. Since then, the stock has surged 17 percent to 59.45 francs, valuing the company at 1.8 billion francs at the close of trading in Zurich on Feb. 28.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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