Walliser Kantonalbank (WKBN) H1 2024 earnings summary

Executive summary

• Net profit for the first half of 2024 reached CHF 66.0 million, up 0.52% year-over-year.

• Operating income increased to CHF 75.2 million, a 1.41% rise compared to the same period last year.

• Achieved record first-half results with total revenues of CHF 147.4 million, up 3.1% year-over-year.

• Maintained a cost income ratio of 44.4%, reflecting high operational efficiency.

• Total assets grew by 2.08% since year-end 2023, reaching CHF 20.53 billion.

Financial highlights

• Net interest income increased to CHF 114.2 million (+3.95%).

• Commission and service fee income grew 5.72% year-over-year to CHF 23.7 million.

• Trading income declined by 15.99% compared to the first half of 2023.

• Operating expenses rose by 4.02% year-over-year to CHF 65.4 million, with personnel costs up 1.8%.

• Client funds increased 3.4% to CHF 12 billion.

Outlook and guidance

• No significant events after June 30, 2024, that would impact financial position or results.

• Expects continued normalization of inflation and further monetary easing by central banks.

• Swiss GDP forecasted to grow 1.2% in 2024; local GDP expected to rise 1.1%.

• Anticipates stable results for the remainder of 2024, barring geopolitical deterioration.