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Half-Year 2025 Results 21 August 2025 Investors’ and analysts’ presentation
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2 Half-Year 2025 Results Disclaimer Waiver of liability. While we make every reasonable effort to use reliable information, we make no representation or warranty of any kind that all information contained in this document is accurate or complete. We disclaim all liability or responsibility for any loss, damage or injury that may result directly or indirectly from this information. The information and opinions contained in this document are representative of the situation on the date this document was prepared and may change at any time, particularly as a result of changes in the general market trend, interest rates and exchange rates, and legislative and/or regulatory changes. We have no obligation to update or modify this document. No offer or recommendation. This document was prepared for information purposes only and does not constitute a request for an offer, or an offer to buy or sell, or a personalized investment recommendation. Before you conduct any transaction, we recommend that you contact your advisors to carry out a specific examination of your risk profile and that you seek information about the risks involved. One such source of information is the SwissBanking brochure "Risks Involved in Trading Financial Instruments" (available at BCV offices and on the BCV website: www.bcv.ch/static/pdf/en/risques_particuliers.pdf). In particular, we draw your attention to the fact that prior performance must not be taken as a guarantee of current or future performance. Interests in certain securities and relations with third parties.BCV, its affiliate companies and/or their directors, managers and employees may hold or have held interests or positions in certain securities, which they may buy or sell at any time, or acted or traded as market maker. They may have or have had business relationships with the issuers of certain securities, or provide or have provided them with corporate finance services, capital market services or any other financial services. Distribution restrictions. Certain transactions and/or the distribution of this document may be prohibited or subject to restrictions for persons in jurisdictions other than Switzerland (particularly Germany, the UK, the USA and US persons). The distribution of this document is only authorized to the extent allowed by the applicable law. BCV does not support any American Depositary Receipt (ADR) program and therefore declines all liability in this respect. Trademarks and copyright. The BCV logo and trademark are protected by law. This document is subject to copyright and may not be reproduced unless the reproduction mentions its author, copyright and all the legal information it contains. Prior written authorization from BCV is required to use this document for public or commercial purposes.
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3 Half-Year 2025 Results Agenda Introduction Pascal Kiener, CEO HY 2025 financial results Thomas W. Paulsen, CFO Conclusion Pascal Kiener, CEO
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4 Half-Year 2025 Results Business volumes up across all client segments Revenues stable at CHF 579m, despite a less favorable interest-rate environment, underlining BCV’s well-diversified revenue streams Solid net profit of CHF 215m, off 3% following two record years1 Key messages Note (1) Excluding extraordinary items
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Revenues 579m 0% Operating profit 251m -3% Net profit 215m -3% 5 Half-Year 2025 Results CHF (rounded), unaudited figures HY 2025 key figures Total assets 61.2bn +1% AuM 126.5bn +2%
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31 Dec. 2024 30 Jun. 2025 34,207 34,774 +2% 31 Dec. 2024 30 Jun. 2025 13,705 14,745 +8% 31 Dec. 2024 30 Jun. 2025 23,968 23,821 -1% 31 Dec. 2024 30 Jun. 2025 124,164 126,529 +2% 6 Half-Year 2025 Results CHF (rounded), unaudited figures Main business trends Mortgage loans Sight deposits 1, 2 AuM Other loans Other client deposits 2 Net new money Note (1) Including savings deposits (2) Aggregate change in the sum of the items Sight de posits and Other client deposits: +CHF 0.9bn (+2%) 31 Dec. 2024 30 Jun. 2025 5,959 6,387 +7% +1,074 Individuals & SMEs -185 Insitutionals & Large Corporates NNM +889
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7 Half-Year 2025 Results Executive BoardBoard of Directors BoD and EB news • Arrival of Anne Maillard on the Bank’s Executive Board on 1 May 2025, as head of the Retail Banking Division. She replaced José F. Sierdo, who has retired. • Reappointment by Vaud Cantonal Government of Eftychia Fischer as Chair of BCV’s Board of Directors and Jean-François Schwarz as Vice Chair, both for four-year terms in accordance with Article 12, paragraphs 1 and 5 of the Cantonal Act Governing the Organization of Banque Cantonale Vaudoise. New terms will end on 31 December 2029. • Election of Sandra Hauser to the Board of Directors at the last General Meeting for a four- year term, replacing Ingrid Deltenre, who decided to step down.
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8 Half-Year 2025 Results • Financial ratings reaffirmed: BCV is one of the best-rated banks in the world without an explicit government guarantee ESG ratings Financial ratings Very solid financial and ESG ratings AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+BBBB-B+BB-CCC+CCCCCC-CCSD/D AaaAa1Aa2Aa3A1A2A3Baa1Baa2Baa3Ba1Ba2Ba3B1B2B3Caa1Caa2Caa3CaC AAAAAABBBBBBCCC • MSCI’s second-highest rating • Ethos’ second-highest rating A+A-B+B-CExcl. • BCV now in “Prime” category
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31 Dec. 2024 30 Jun. 2025 10,956 11,261 +3% 31 Dec. 2024 30 Jun. 2025 12,166 12,533 +3% 126 151 H1 2024 H1 2025 +20% 48 72 H1 2024 H1 2025 +50% 9 Half-Year 2025 Results • Continuing rise in mortgage loans in a dynamic real-estate market • Ongoing cash inflows from customers • Revenues and operating profit strongly up: – Personal-banking transaction activity – Higher internal transfer prices from the Corporate Center reflecting interest rate environment CHF millions (rounded)1 Retail Banking Operating profitRevenues Customer depositsMortgage loans Note (1) 2024 figures were adjusted to facilitate like-for-like comparison.
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10 Half-Year 2025 Results • SMEs – Mortgages and loans up 2% (excl. Covid-19 bridge loans) – 86% of total Covid-19 bridge loans paid off – Deposits up 1% • Real-estate firms – Mortgages stable • Large Corporates – Loans/off-BS commitments up 11% – Volatility in deposits (down 8%) • Trade Finance – Average business volumes up 6% in an environment still marked by geopolitical tensions • Credit risk – Cost of risk still very low in H1 2025 – High US tariffs: too early to assess the impact on the loan book CHF millions (rounded)1 Corporate Banking Operating profitRevenues Customer depositsLoans/off-balance-sheet commitments Note (1) 2024 figures were adjusted to facilitate like-for-like comparison. 31 Dec. 2024 30 Jun. 2025 20,657 21,111 +2% 31 Dec. 2024 30 Jun. 2025 12,611 12,265 -3% 139 137 H1 2024 H1 2025 -1% 83 82 H1 2024 H1 2025 -1%
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11 Half-Year 2025 Results • AuM higher mainly on positive market performance and NNM from individual and institutional clients • Ongoing growth in mortgage lending • Revenues and operating profit up CHF millions (rounded)1 Wealth Management Operating profitRevenues Mortgage loansAuM Note (1) 2024 figures were adjusted to facilitate like-for-like comparison. 31 Dec. 2024 30 Jun. 2025 88,092 89,686 +2% 31 Dec. 2024 30 Jun. 2025 8,755 8,886 +1% 225 240 H1 2024 H1 2025 +7% 104 115 H1 2024 H1 2025 +11%
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12 Half-Year 2025 Results • Forex trading up amid volatility – forex accounted for close to 60% of overall Trading revenues • Structured product volumes up • Revenues and operating profit up CHF millions (rounded)1 Trading Revenues time series Operating profitRevenues 31 27 30 29 35 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 +16% Note (1) 2024 figures were adjusted to facilitate like-for-like comparison 30 35 H1 2024 H1 2025 +16% 17 22 H1 2024 H1 2025 +31%
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13 Half-Year 2025 Results Agenda Introduction Pascal Kiener, CEO HY 2025 financial results Thomas W. Paulsen, CFO Conclusion Pascal Kiener, CEO
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14 Half-Year 2025 Results CHF millions (rounded), unaudited figures Income statement ChangeH1 2025H1 2024 0%-2579581Total income from ordinary banking operations 0%-1-282-283Operating expenses +6%+3-42-39Depreciation & amortization of fixed assets and impairment on equity investments N/A+5-50Other provisions and losses -3%-7251258Operating profit N/A000Net extraordinary income -1%0-37-37Taxes -3%-6215221Net profit
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0%-2 -8%-22 +8%+15 +11%+10 +11%+10 +9%+5 +15%+6 -8%-22 -5%-15 15 Half-Year 2025 Results • Net interest income – Down (see details below) • Commissions & fees – Up, on favorable market conditions and high personal banking transaction volumes • Trading – Up, on high market volatility • Other income – Down Impact of balance-sheet management (BSM) on NII and trading Total income from ordinary banking operations CHF millions (rounded), unaudited figures Total income from banking operations – focus on BSM 89 99 181 196 290 268 H1 2024 H1 2025 Net interest income (NII) Commissions & fees Trading income 581 579 Other • “Economic” net interest income (i.e., NII before BSM + Net income from BSM) down CHF 17m to CHF 313m – NII before BSM down CHF 15m to CHF 304m – Net income from BSM down CHF 2m to CHF 9m • Higher BSM charges and higher Net income from BSM -5 -22%1621 Net income from BSM Trading income before BSM BSM charges 319 304 -28 -36 NII before BSM 290 268 +11 +9 45 54 Income from BSM 89 99 39 49 +8 +26% -2 -15% H1 2025H1 2024 “Economic” net interest income
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0%-2 -8%-22 +8%+15 +11%+10 16 Half-Year 2025 Results Net interest income (NII) Total income from ordinary banking operations CHF millions (rounded), unaudited figures Total income from banking operations – focus on NII 265 268 3 291 290 -1 • NII before loan impairment charges/reversals – Down, in a less favorable interest rate environment • Loan impairment charges/reversals – broadly stable at a very low level -9%-26 -522%-4 -8%-22 H1 2025 H1 2024 NII before loan impairment charges/reversals Loan impairment charges/reversals Net interest income • Net interest income – Down (see details below) • Commissions & fees – Up, on favorable market conditions and high personal banking transaction volumes • Trading – Up, on high market volatility • Other income – Down89 99 181 196 290 268 H1 2024 H1 2025 Net interest income (NII) Commissions & fees Trading income 581 579 Other -5 -22%1621
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17 Half-Year 2025 Results • Personnel costs – Up due to: – Insourcing of IT hosting services (base effect compared to H1 2024) – Salary increases • Other operating expenses – Down, on insourcing of IT hosting • Depreciation & amortization – Increase in depreciation following insourcing of IT hosting CHF millions (rounded), unaudited figures Operating expenses, depreciation and amortization 39 42 89 84 194 199 H1 2024 H1 2025 Personnel costs Other operating expenses Depreciation & amortization 323 324 0%+1 +2%+5 -6%-5 +6%+3
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18 Half-Year 2025 Results • Workforce broadly stable Full-time equivalents at period-end Headcount 227 233 1,863 31 Dec. 2024 1,871 30 Jun. 2025 Subsidiaries Parent company 2,089 2,104 +1%+15 +3%+6 0%+8
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19 Half-Year 2025 Results • Cash and equivalents – Decrease in SNB sight deposits • Loans and advances to customers – Up across all segments • Mortgage loans – Continuing growth in a dynamic real-estate market, driven by low interest rates and population growth • Financial investments – Increase in the liquidity reserve CHF billions (rounded), unaudited figures Assets 2.6 2.7 6.1 6.6 34.2 34.8 6.0 6.4 10.6 10.1 31 Dec. 2024 30 Jun. 2025 Cash and equivalents Due from banks and reverse repo agreements Loans and advances to customers Mortgage loans Financial investments Other assets 60.6 61.2 1.1 0.7 +1%+0.6 -5%-0.5 +7%+0.4 +2%+0.6 +8%+0.5 +2%+0.1 -0.4 -36%
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20 Half-Year 2025 Results • Customer deposits – Up, mainly from retail and private banking customers, SMEs and institutionals • Bonds and mortgage-backed bonds – Bond and Swiss Pfandbriefe issues • Shareholders’ equity – Seasonal decrease due to the payment of the 2024 dividend in May CHF billions (rounded), unaudited figures Liabilities and equity 2.4 2.8 9.4 10.3 37.7 38.6 7.2 5.8 3.93 31 Dec. 2024 3.76 30 Jun. 2025 Due to banks Customer deposits Bonds and mortgage-backed bonds Other liabilities Shareholders’ equity 60.6 61.2 +1%+0.6 -19%-1.4 +2%+0.9 +9%+0.9 +15%+0.4 -4%-0.17
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21 Half-Year 2025 Results • AuM up CHF 2.4bn (+1.9%) to CHF 126.5bn – +CHF 1.5bn market performance – +CHF 0.9bn net new money Net new money Assets under management CHF billions (rounded) Assets under management 7.7 7.7 116.4 31 Dec. 2024 +0.9 Net new money +1.5 Performance 118.8 30 Jun. 2025 Piguet Galland BCV 124.2 126.5 +1.9% 0.7 -0.1 1.1 2.2 0.9 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 • Net inflows of CHF 0.9bn: – Inflow of CHF 1.1bn from individuals and Vaud SMEs – Outflow of CHF 0.2bn from institutionals and large corporates
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22 Half-Year 2025 Results • CET1 ratio up, to 18.4%, vs. requirement of 14.0% based on total capital ratio – +1.4% due to regulatory changes (final Basel III) : removal of IRB scaling factor (1.06) and decrease in operational risk RWAs – +0.2% due to decrease in credit exposure on bank counterparties • Leverage ratio stable, at 5.5%, vs. requirement of 3.0% Risk-weighted assets and CET1 ratio CHF billions (rounded) Capital ratios 19.3 19.1 19.4 20.9 19.3 3.3 3.4 3.5 3.5 3.5 17.2% 5.6% 17.6% 5.5% 17.9% 5.6% 16.8% 5.5% 18.4% RWAs Common Equity Tier 1 CET1 ratio Leverage ratio FINMA minimum target 5.5% 31 Dec. 2023 31 Dec. 2022 31 Dec. 2021 30 Jun. 2025 31 Dec. 2024 13.0% 14.0%
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15.1 11.4 132.1% 12.5 9.6 129.5% 12.9 10.2 127.4% 11.8 9.2 129.0% 11.7 8.8 133.4% 23 Half-Year 2025 Results • LCR increased by 4.4 points vs. H2 2025 • Level of HQLAs remained stable while net cash outflows decreased on lower short-term funding • Composition of the Bank’s HQLAs: – 56%: cash deposited with the SNB – 44%: mainly Swiss-issued, AAA to AA-rated securities eligible as SNB collateral CHF billions (rounded) Liquidity ratio (LCR) H2 2024 H2 2023 HQLAs1 Net cash outflows1 LCR Note (1) Average of figures at month-end Minimum requirement H1 2024 H1 2023 100% H1 2025
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38.5 31.0 124.4% 38.5 31.4 122.6% 38.2 31.8 120.4% 39.5 33.0 119.5% 40.3 34.1 118.3% 42.1 34.5 122.0% 24 Half-Year 2025 Results • NSFR increased by 4.3 points from 31 December 2024, on higher available stable funding (ASF), mainly due to increases in : – Retail deposits – Borrowings ≥ 6 months CHF billions (rounded) Net Stable Funding Ratio (NSFR) 31 Dec. 2022 30 Jun. 2025 30 Jun. 2024 Note (1) Figures at month-end Minimum requirement 31 Dec. 2024 30 Jun. 2023 31 Dec. 2023 100% Available stable funding (ASF)1 Required stable funding (RSF)1 NSFR
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25 Half-Year 2025 Results Agenda Introduction Pascal Kiener, CEO HY 2025 financial results Thomas W. Paulsen, CFO Conclusion Pascal Kiener, CEO
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26 Half-Year 2025 Results • Fundamentals of the Swiss economy are still strong: – Steady population growth underpinned by robust immigration – Low unemployment rate (2.7% on average in Switzerland) – Inflation rate back within SNB’s target range • Swiss and Vaud economies have proven their resilience during past crises • However, high US tariffs will weigh on growth, especially if the situation persists • Too early to make a realistic assessment: – Negotiations are still ongoing – Low visibility on specific tariff implementation – The situation can vary greatly from one industry to another, and from one company to another In % Swiss and Vaud GDP growth Note (1) Source: Switzerland’s State Secretariat for Economic Affairs (SECO) (2) Source: Commission Conjoncture vaudoise -2.2 5.3 2.9 1.2 1.01.1 -3.2 6.1 1.4 1.3 1.0 2.0 3.0 4.0 -4.0 -3.0 6.0 -2.0 7.0 -1.0 5.0 2020 2021 2022 2023 2024 2025e 2026e 1.5 2.7 2019 Swiss GDP1 Vaud GDP2 BCV’s internal estimate at August 2025 -0.2? 0.5 0.3 0.8
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27 Half-Year 2025 Results • Ongoing rise in Vaud real-estate transaction prices: – Apartments: Up 4.3% YoY, up 2.7% YTD – Single-family homes: Up 6.0% YoY, up 3.6% YTD • Prices supported by low interest rates, strong demand driven by immigration, and a scarce supply of real estate Vacant housing in Vaud Transaction prices in Vaud (Base of 100 in June 2015) Real estate in Vaud • Vacancy rate lower for 4th consecutive year • BCV’s mortgage policy remains unchanged: – Focused on loan quality instead of volume growth – Targets areas with low vacancy rates Note Source: Wüest Partner, Statistique Vaud 90 100 110 120 130 140 150 +4,3% +6,0% Apartments Single homes 1,000 2,000 3,000 4,000 5,000 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.89% 2025 Vacancy rate Total housing for rent Total housing for sale 20252015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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28 Appendices Half-Year 2025 Results
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29 Half-Year 2025 Results CHF millions (rounded) Income statement Change as %Abs. changeH1 2024H1 2025 -26-133.0509.0376.0Interest and discount income +29+7.124.031.1Interest and dividend income from financial investments -41-100.2-242.2-142.0Interest expense -9-25.7290.9265.1Net interest income before loan impairment charges/reversals -522-3.6-0.72.9Loan impairment charges/reversals -8-22.2290.2268.0Net interest income after loan impairment charges/reversals (NII) +9+13.7155.8169.5Fees and commissions on securities and investment transactions +1+0.215.916.1Fees and commissions on lending operations +7+2.740.242.8Fees and commissions on other services +6+1.7-31.0-32.7Fee and commission expense +8+14.9180.9195.7Net fee and commission income +7+0.913.914.8Trading income on fixed-income instruments and equity securities +12+9.379.188.5Trading income on foreign currencies, banknotes, and precious metals +1+0.1-3.9-4.0Trading fee and commission expense +11+10.289.199.3Net trading income and fair-value adjustments -91-2.73.00.3Gains/losses on disposals of financial investments +10.04.44.5Income from equity investments -21-0.41.81.4Real-estate income -7-0.811.610.8Miscellaneous ordinary income N/A+0.70.0-0.7Miscellaneous ordinary expenses -22-4.520.816.3Other ordinary income -0-1.6580.9579.3Total income from ordinary banking operations +2+4.2-194.4-198.6Personnel costs -6-5.4-89.1-83.7Other operating expenses -0-1.2-283.5-282.3Operating expenses +6+2.4-39.2-41.6Depreciation and amortization of fixed assets and impairment on equity investments N/A+4.6-0.0-4.7Other provisions and losses -3-7.3258.2250.8Operating profit +506+0.30.10.3Extraordinary income N/A-0.0-0.0-0.0Extraordinary expenses -1-0.5-37.1-36.6Taxes -3-6.5221.1214.6Net profit N/A-0.0-0.0-0.0Minority interests -3-6.5221.1214.5Net profit attributable to BCV shareholders
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30 Half-Year 2025 Results CHF millions (rounded) Balance sheet Change as %Abs. change31 Dec. 202430 Jun. 2025 -5-56010,61410,053Cash and cash equivalents -36-4051,139734Due from banks N/A000Reverse repurchase agreements +7+4295,9596,387Loans and advances to customers +2+56634,20734,774Mortgage loans +35+111317428Trading portfolio assets -16-80510430Positive mark-to-market values of derivative financial instruments +3+361,1311,167Other financial assets at fair value +8+5056,0656,570Financial investments -0-0113112Accrued income and prepaid expenses -0-08787Non-consolidated holdings -4-14379365Tangible fixed assets N/A000Intangible assets +2+2111113Other assets +1+59060,62961,219Assets -40-2,3525,9413,589Due to banks +80+1,0021,2532,255Repurchase agreements +2+89337,67238,565Customer deposits -1-011Trading portfolio liabilities +7+35517552Negative mark-to-market values of derivative financial instruments +23+3561,5641,920Other financial liabilities at fair value +32+145Medium-term notes +9+8449,44410,287Bonds and mortgage-backed bonds -8-17215198Accrued expenses and deferred income -14-118069Other liabilities +32+41216Provisions +1+75556,70357,458Liabilities 00666666Reserves for general banking risks 008686Share capital +103536Capital reserve +2+622,7142,776Retained earnings -0-0-2-2Currency translation reserve -10-1-13-15Own shares N/A000Minority interests in equity +215215Net profit for reporting period -441441Net profit for 2024 N/A-000of which minority interests -4-1653,9273,762Shareholders’ equity +1+59060,62961,219Total liabilities and shareholders’ equity
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31 Half-Year 2025 Results Key performance indicators Note (1) Since 1 January 2025, capital ratios are presented according to the FINMA Ordinance on Disclosure Obligations of 6 March 202 4 30 Jun. 2025 31 Dec. 2024 31 Dec. 2023 31 Dec. 2022 31 Dec. 2021 0.3%0.3%0.3%0.4%0.4%Impaired loans/ credit exposure 94%94%96%105%107%Customer deposits/ loans to customers 133%129%129%129%157%Liquidity Coverage Ratio (LCR) 0.83%0.91%1.01%0.79%0.86%Interest margin 56.2%55.2%53.2%56.6%56.7%Cost/income (excl. goodwill amortization) 10.9%11.5%12.5%10.7%10.7%ROE (net profit/average equity) 18.4% 16.8% 17.0% 17.9% 17.5% 17.6% 17.0% 17.2% 17.0% CET1 ratio1 as of 30 Jun. 5.5%5.5%5.6%5.5%5.6%Leverage ratio Asset quality and balance sheet structure Capital Productivity Financial performance
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32 Half-Year 2025 Results Stock price (CHF)Per share (CHF) BCV share 3.2 3.1 3.0 3.0 2.92.8 2.7 2.6 2.6 2.5 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 Operating profit EPS 0 80 85 90 95 100 105 91.45 BCV SPI Index (rebased) 1 Jan. 2025 30 Jun. 2025 31 Mar. 2025 30 Jun. 2025 31 Dec. 2024 31 Dec. 2023 31 Dec. 2022 31 Dec. 2021 86,061,90086,061,90086,061,90086,061,90086,061,900Number of issued shares 7.877.199.347.646.09Market capitalization (CHF billions) 102.30 / 82.50 112.50 / 79.15 108.50 / 81.20 98.80 / 70.70 101.60 / 67.30High / low prices YTD Key figures
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Half-Year 2025 Results Calendar 33 8 May 2025 Annual Shareholders’ Meeting in Lausanne 21 August 2025 Half-year 2025 results 13 February 2025 Full-year 2024 results 12 February 2026 Full-year 2025 results 30 April 2026 Annual Shareholders’ Meeting in Lausanne 20 August 2026 Half-year 2026 results 31 March 2026 Publication of the 2025 annual and sustainability reports