Basellandschaftliche Kantonalbank (BLKB) H1 2024 earnings summary

Executive summary

• Net profit at group level rose by 6.1% year-over-year to CHF 67.1 million in H1 2024, with growth across all customer segments.

• Operating profit declined slightly by 1.4% to CHF 89.8 million due to strategic investments in operations and subsidiaries.

• The radicant bank ag subsidiary showed strong operational progress, with customer funds multiplying to CHF 80 million and customer numbers reaching 6,500 within ten months of market entry.

• Net new money inflows totaled CHF 490 million, and assets under management increased by 5.7% to CHF 27.5 billion.

Financial highlights

• Net interest income increased by 2.1% year-over-year to CHF 167.3 million.

• Commission income rose by 7.2% to CHF 44.9 million, with investment business income up 11.1% to CHF 33.4 million.

• Trading income was slightly positive at CHF 12.9 million, mainly driven by foreign exchange gains.

• Total assets stood at CHF 33.8 billion as of June 30, 2024.

• Credit volume increased by 1.3% since December 2023, reaching CHF 26.1 billion.

Outlook and guidance

• Expects positive but historically below-average global and Swiss economic growth for the year.

• Anticipates full-year 2024 results to be slightly below the previous year.

• Continues to target break-even for radicant bank ag by 2027/2028.