Banque Cantonale Vaudoise (BCVN) H1 2026 earnings summary

Executive summary

• Net profit for H1 2026 increased 5% year-over-year to CHF 225m, with revenues up 2% to CHF 593m, reflecting diversified income streams and strong business volumes in a low-interest-rate environment.

• Operating profit rose 5% to CHF 263m, supported by firm cost control and stable net interest income.

• Assets under management grew 6% to CHF 141.8bn, driven by net new money of CHF 2.4bn and positive investment performance.

• Business volumes increased across all sectors, with mortgage lending up 2% and customer deposits up 3%.

• Dividend payout of CHF 4.40 per share, totaling CHF 379m, with CHF 253.5m distributed to the Canton.

Financial highlights

• Net interest income stable at CHF 268m, as higher loan volumes offset low rates.

• Fee and commission income up 5% to CHF 206m, supported by strong wealth management activity.

• Net trading income increased 3% to CHF 102m, with robust structured product volumes and forex trading accounting for nearly 60% of trading revenues.

• Operating expenses increased 2% to CHF 287m; personnel costs up 1%, other operating expenses up 3%, and depreciation/amortization down 5% to CHF 40m.

• ROE reached 11.3%, cost/income ratio at 55.5%, and total assets grew 3% to CHF 63.3bn.

Outlook and guidance

• Swiss GDP expected to expand by 0.9% in 2026, with Vaud Canton growth forecast at 1.0%; economic outlook remains cautious but not pessimistic.

• Real estate prices in Vaud continue to rise, underpinned by strong demand and low vacancy rates.

• Ongoing focus on loan quality, prudent risk management, and maintaining dividend policy.