B-Source Financial Results 2010
(B-Source achieved good results)
B-Source achieved good results in 2010. Revenues rose to CHF 204.9 million (2009: CHF 192.9 million), while operating EBIT was reduced by investments in the Business Process Outsourcing (BPO) banking solution, the B-Source Master, to CHF 13.3 million (2009: CHF 16.6 million).
Lugano, March 03, 2011
Markus Gröninger, Chief Executive Officer, said: "2010 was a successful year for B-Source as demonstrated by our increase in revenues to CHF 204.9 million (2009: CHF 192.9 million). Three private banks migrated to our B-Source Master "powered by Avaloq" and have confirmed to us that they have been able to boost their efficiency thanks to the new BPO platform. B-Source now has the proof that we have a scalable platform for industrialized banking today. Due to sustained investments in the B-Source Master, operating EBIT fell to CHF 13.3 million (2009: CHF 16.6 million)."
The 2010 financial year was focused on further developments and adaptation of its service portfolio to changes in the financial environment and to the specific needs of clients. With effect from October 1, 2010, there was a change in the Executive and Board of Directors: Markus Gröninger took over as Chief Executive Officer from Werner Hoppler, who assumed a seat on the Board of Directors of B-Source. In the last quarter, the emphasis was on the two client migrations Reichmuth & Co Privatbankiers and BSI Monaco SAM, who successfully went live with the B-Source Master "powered by Avaloq" on January 4, 2011.
Outlook for 2011
In the current 2011 financial year, B-Source is focusing on the expansion of its market leadership in Switzerland in the area of business process outsourcing (BPO). In parallel, B-Source will grow nationally and internationally thanks to its expertise as a BPO provider and to its business model. The B-Source Master is based on the Avaloq model bank and forms the kernel of the B-Source service portfolio. This portfolio in turn is the foundation for the company's highly industrialized, parameterizable, integrated application landscape that covers all banking processes. B-Source will systematically implement its growth strategy internally and externally this year.