Interim report
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Interim Report Consolidated financial statements at 30 June 2025
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3 At our Annual Shareholders’ Meeting on 8 May 2025, we submitted the 2024 Sustainability Report – including our expanded climate disclosures – to a shareholder vote as BCV’s report on non-financial matters, in accordance with the Swiss Code of Obligations. The report was approved by 99.7% of the votes cast. Every other item on the agenda was also approved. That included a dividend payout of CHF 4.40 per share, a CHF 0.10 increase on the prior-year dividend, which returned a total of CHF 379m to our shareholders. Lastly, shareholders elected Sandra Hauser and re-elected Pierre-Alain Urech to the Board of Directors, both for four-year terms in accordance with the Cantonal Act Governing the Organization of BCV. We recognize that all our stakeholders play a part in BCV’s success, and on behalf of the Board of Directors and the Executive Board, we would like to thank all BCV Group employees for their hard work, our customers for their continuing trust, and our shareholders for their steadfast support. Eftychia Fischer Pascal Kiener Letter from the Chair and the CEO Donald Trump’s announcement in April of historically high tariffs cast a long shadow over the macroeconomic environment in the first half of 2025. The tariffs affect all the US’s trading partners and have started to weigh on already sluggish global growth readings. They have also added further uncertainty in an environment where visibility was already low given geopolitical tensions. These headwinds have affected Switzerland and Vaud Canton. The Swiss franc rose and the US announced steep tariffs on Swiss imports. Growth forecasts have been revised downward and a recession, while unlikely, can no longer be ruled out. Against this backdrop, the SNB further cut its policy rate, from 0.50% to 0.25% in March and to 0% in June. Despite the significantly less favorable interest-rate environment, BCV delivered very strong H1 2025 results following two record years in 2023 and 2024. Business volumes continued to grow across all client segments. Mortgage lending expanded 2% to CHF 34.8bn in a still dynamic real-estate market. Customer deposits also rose 2%, to CHF 38.6bn, largely from individuals and SMEs. Revenues remained stable at CHF 579m and our operating and net profit numbers were down by just 3%, to CHF 251m and CHF 215m respectively. Our solid results testify to the enduring strength of our business model, which is based on well-diversified revenue streams. That balanced strategic approach focuses on long-term objectives, in line with the principles of economically, socially, and environmentally sustainable development. Last year, we undertook a number of environmental initiatives, which we described in our 2024 Sustainability Report. The report aligns with Switzerland’s ordinance on climate disclosures, which stipulates in part that disclosures be made in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Eftychia Fischer Chair of the Board of Directors Pascal Kiener CEO
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4 Mortgage loans in CHF billions Customer deposits in CHF billions 31/12/24 31/12/2430/6/25 30/6/25 11.0 12.2 11.3 12.5 20.7 21.1 12.312.6 Lending and off-balance-sheet commitments in CHF billions Customer deposits in CHF billions 31/12/24 31/12/2430/6/25 30/6/25 Business sector review Retail Banking Real-estate market still dynamic The residential real estate market in Vaud remained firm, underpinned primarily by population growth and low interest rates. Mortgage lending rose 3% in H1 to CHF 11.3bn. Customer deposits also increased, to CHF 12.5bn (+3%). The Retail Banking Sector posted sharp growth in both revenues, up 20% to CHF 151m, and operating profit, up 50% to CHF 72m. Corporate Banking Solid performance with low visibility going forward The Swiss and Vaud economies were once again resilient in H1 2025 and the Corporate Banking Sector delivered solid results. Total lending and off-balance-sheet commitments rose 2% to CHF 21.1bn despite the ongoing repayment of Covid-19 loans. Customer deposits were down 3% to CHF 12.3bn, reflecting seasonal withdrawals by several major Large Corporates clients at the end of the half. Corporate Banking revenues edged down 1% to CHF 137.1m and operating profit was down 1% to CHF 82.4m, due to the decline in interest rates. The Vaud economy remains resilient, but there are a number of factors reducing forward visibility. Weak global growth, rising geopolitical tensions, and the direct impact of the recently announced high US tariffs on Swiss imports are all potential headwinds. H1 2024 H1 2025 Total revenues (CHF millions) 126.1 151.5 Operating profit (CHF millions) 47.7 71.6 Cost/income ratio (excluding goodwill amortization and write-downs) 61% 52% ROE 30.1% 37.4% Headcount 364 368 2024 figures were adjusted to facilitate like-for-like comparison. H1 2024 H1 2025 Total revenues (CHF millions) 138.5 137.1 Operating profit (CHF millions) 82.9 82.4 Cost/income ratio (excluding goodwill amortization and write-downs) 36% 36% ROE 9.9% 10.4% Headcount 188 185 2024 figures were adjusted to facilitate like-for-like comparison.
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5 Mortgage loans in CHF billions Assets under management in CHF billions 31/12/24 31/12/2430/6/25 30/6/25 88.1 8.8 89.7 8.9 Breakdown of trading income by market segment Structured products 35% Forex 59% Other 2% Stocks, bonds and interest-rate products 3% Wealth Management Markets perform well The Sector’s assets under management rose 2% over the first half to CHF 89.7bn. That reflected significant inflows from institutional and individual clients, and continued strong financial market performance despite the April tariff turmoil. Mortgage loans were up 1% in the first half to CHF 8.9bn in a dynamic real-estate market. Underpinned by strong financial markets, Wealth Management revenues increased 7% to CHF 240m and operating profit rose 11% to CHF 115m. Trading Forex trading volumes up on higher volatility The US’s announcement of sweeping tariffs on all its trading partners in the first half of 2025 drove up uncertainty and volatility on financial markets. The US dollar declined over 12% against the Swiss franc over the first six months, from CHF 0.90 to CHF 0.79. The Swiss franc/euro pair traded in a range between 1.08 and 1.03 during H1. Forex trading income was up 12% in the first half, accounting for nearly 60% of overall Trading revenues. Structured product issuance also increased compared with H1 2024. Trading revenues climbed 16% to CHF 35m, while operating profit grew 31% to CHF 22m. H1 2024 H1 2025 Total revenues (CHF millions) 225.2 240.4 Operating profit (CHF millions) 104.0 115.4 Cost/income ratio (excluding goodwill amortization and write-downs) 53% 52% ROE 47.4% 48.8% Headcount 574 596 2024 figures were adjusted to facilitate like-for-like comparison. H1 2024 H1 2025 Total revenues (CHF millions) 30.1 35.1 Operating profit (CHF millions) 16.6 21.7 Cost/income ratio (excluding goodwill amortization and write-downs) 44% 37% ROE 41.9% 50.5% Headcount 51 50 2024 figures were adjusted to facilitate like-for-like comparison.
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6 Operating expenses, depreciation and amortization in CHF millions Personnel costs Other expenses Depreciation and amortization H1 2025H1 2024 39 89 194 323 42 84 199 324 Operating and net profit in CHF millions Operating profit Net profit H1 2024 H1 2025 258 221 251 215 Net fee and commission income Net interest income Other ordinary income Net trading income and fair-value adjustments Revenues in CHF millions H1 2025H1 2024 21 89 181 290 16 99 196 268 579581 Net profit of CHF 215m The Bank recorded a tax expense of CHF 37m. Net profit contracted 3% to CHF 215m. That nonetheless represents the third-best bottom line in the Bank’s history, following its record 2023 and 2024 years. The ROE of 10.9% is one of the highest in BCV’s peer group. Balance sheet growth Total assets amounted to CHF 61.2bn, up 1% or CHF 590m on the end-2024 figure. Mortgage lending expanded 2% or CHF 566m to CHF 34.8bn in a still dynamic real-estate market. Other loans increased 7% to CHF 6.4bn. On the liabilities side, customer deposits edged up 2% to CHF 38.6bn. Net fund inflows of CHF 889m The Group’s assets under management rose 2% or CHF 2.4bn to CHF 126.5bn. Net new money totaled CHF 0.9bn and came from individuals, SMEs, and institutional clients. Investment performance drove AuM up by CHF 1.5bn. CHF 379m paid out to shareholders In accordance with its dividend policy, BCV distributed CHF 4.40 per share to its shareholders in May, for a total payout of CHF 379m. The dividend was up CHF 0.10 per share and represents a total dividend yield of 5.3% based on BCV’s 2024 closing share price. Consolidated financial statements at 30 June 2025 (Unaudited) BCV Group posts CHF 215m net profit in H1 2025 BCV Group delivered strong H1 2025 results in a less favorable interest-rate environment. Revenues were stable at CHF 579m. Operating profit decreased 3% to CHF 251m, while net profit declined 3% to CHF 215m. Revenues stable at CHF 579m Total revenues were stable year on year at CHF 579m. Net interest income fell 8% to CHF 268m, with expanding loan volumes only partially offsetting a less favorable interest-rate environment. Fee and commission income was up 8% to CHF 196m, reflecting positive financial- market trends and high customer transaction volumes. Net trading income increased 11% to CHF 99m, mainly on market volatility. Other ordinary income fell 22% to CHF 16m. Operating profit of CHF 251m Operating expenses were stable at CHF 282m. Personnel costs were up 2% to CHF 199m. Other operating expenses decreased 6% to CHF 84m. Depreciation and amortization rose by 6% to CHF 42m. Operating profit declined by 3% to CHF 251m.
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7 Assets in CHF billions Due from banks Mortgage loans Cash and cash equivalents Financial investments Miscellaneous assets Loans and advances to customers 31/12/24 30/6/25 6.6 34.8 6.4 0.7 61.2 10.1 2.7 6.1 34.2 6.0 1.1 60.6 10.6 2.6 Liabilities and shareholders’ equity in CHF billions Customer deposits Due to banks Long-term borrowings Miscellaneous liabilities Shareholders’ equity 30/6/2531/12/24 2.4 3.9 9.4 37.7 7.2 60.6 2.83.8 10.3 38.6 5.8 61.2 Assets under management in CHF billions Piguet Galland & Cie SA Parent company, Gérifonds, GEP 30/6/2531/12/24 126.5 118.8 7.7124.2 116.4 7.7 Solid financial position The Bank’s CET1 ratio stood at 18.4% at 30 June 2025 and shareholders’ equity amounted to CHF 3.8bn, attesting to BCV’s financial solidity. Standard & Poor’s once again reaffirmed its AA rating for BCV with a stable outlook, and Moody’s maintained its Aa2 rating, also with a stable outlook. Very solid ESG ratings BCV’s longstanding commitment to sustainable economic development is reflected in the Bank’s ESG scores. MSCI has given the Bank an ESG rating of AA, the agency’s second-highest score, placing BCV in the “Leader” category. Ethos has reaffirmed the Bank’s A– rating, the second-highest score. Renewed terms for Chair and Vice Chair of the Board of Directors The Vaud Cantonal Government has reappointed 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. Their new terms will end on 31 December 2029.
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8 BCV Group Consolidated balance sheet (unaudited) 30 / 6 / 25 31 / 12 / 24 Absolute Change (in CHF millions) change as % Cash and cash equivalents 10 053 10 614 – 560 – 5 Due from banks 734 1 139 – 405 – 36 Reverse repurchase agreements 0 0 0 n/a Loans and advances to customers 6 387 5 959 429 7 Mortgage loans 34 774 34 207 566 2 Trading portfolio assets 428 317 111 35 Positive mark-to-market values of derivative financial instruments 430 510 – 80 – 16 Other financial assets at fair value 1 167 1 131 36 3 Financial investments 6 570 6 065 505 8 Accrued income and prepaid expenses 112 113 – 0 – 0 Non-consolidated holdings 87 87 – 0 – 0 Tangible fixed assets 365 379 – 14 – 4 Intangible assets 0 0 0 n/a Other assets 113 111 2 2 Assets 61 219 60 629 590 1 Total subordinated assets 0 0 0 n/a of which subject to mandatory conversion and/or conditional write-off 0 0 0 n/a Due to banks 3 589 5 941 – 2 352 – 40 Repurchase agreements 2 255 1 253 1 002 80 Customer deposits 38 565 37 672 893 2 Trading portfolio liabilities 1 1 – 0 – 1 Negative mark-to-market values of derivative financial instruments 552 517 35 7 Other financial liabilities at fair value 1 920 1 564 356 23 Medium-term notes 5 4 1 32 Bonds and mortgage-backed bonds 10 287 9 444 844 9 Accrued expenses and deferred income 198 215 – 17 – 8 Other liabilities 69 80 – 11 – 14 Provisions 16 12 4 32 Liabilities 57 458 56 703 755 1 Reserves for general banking risks 666 666 0 0 Share capital 86 86 0 0 Capital reserve 36 35 0 1 Retained earnings 2 776 2 714 62 2 Currency translation reserve – 2 – 2 – 0 – 0 Own shares – 15 – 13 – 1 – 10 Minority interests in equity 0 0 0 n/a Accrued expenses and deferred income 215 215 Net profit for 2024 441 – 441 of which minority interests 0 0 – 0 n/a Shareholders' equity 3 762 3 927 – 165 – 4 Total liabilities and shareholders’ equity 61 219 60 629 590 1 Total subordinated liabilities 0 0 0 n/a of which subject to mandatory conversion and/or conditional write-off 0 0 0 n/a Consolidated off-balance-sheet transactions 30 / 6 / 25 31 / 12 / 24 Absolute Change (in CHF millions) change as % Contingent liabilities 956 1 013 – 57 – 6 Irrevocable commitments 1 960 1 763 196 11 Commitments relating to calls on shares and other equity securities 243 243 0 0 Confirmed credits 14 37 – 23 – 63
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9 BCV Group Consolidated income statement (unaudited) 2025 2024 Absolute Change (in CHF millions) H1 H1 change as % Interest and discount income 376.0 509.0 – 133.0 – 26 Interest and dividend income from financial investments 31.1 24.0 7.1 29 Interest expense – 142.0 – 242.2 – 100.2 – 41 Net interest income before loan impairment charges/reversals 265.1 290.9 – 25.7 – 9 Loan impairment charges/reversals 2.9 – 0.7 – 3.6 – 522 Net interest income after loan impairment charges/reversals (NII) 268.0 290.2 – 22.2 – 8 Fees and commissions on securities and investment transactions 169.5 155.8 13.7 9 Fees and commissions on lending operations 16.1 15.9 0.2 1 Fees and commissions on other services 42.8 40.2 2.7 7 Fee and commission expense – 32.7 – 31.0 1.7 6 Net fee and commission income 195.7 180.9 14.9 8 Trading income on fixed-income instruments and equity securities 14.8 13.9 0.9 7 Trading income on foreign currencies, banknotes, and precious metals 88.5 79.1 9.3 12 Trading fee and commission expense – 4.0 – 3.9 0.1 1 Net trading income and fair-value adjustments 99.3 89.1 10.2 11 Gains/losses on disposals of financial investments 0.3 3.0 – 2.7 – 91 Income from equity investments 4.5 4.4 0.0 1 of which other non-consolidated holdings 4.5 4.4 0.0 1 Real-estate income 1.4 1.8 – 0.4 – 21 Miscellaneous ordinary income 10.8 11.6 – 0.8 – 7 Miscellaneous ordinary expenses – 0.7 0.0 0.7 n/a Other ordinary income 16.3 20.8 – 4.5 – 22 Total income from ordinary banking operations 579.3 580.9 – 1.6 – 0 Personnel costs – 198.6 – 194.4 4.2 2 Other operating expenses – 83.7 – 89.1 – 5.4 – 6 Operating expenses – 282.3 – 283.5 – 1.2 – 0 Depreciation and amortization of fixed assets and impairment on equity investments – 41.6 – 39.2 2.4 6 Other provisions and losses – 4.7 – 0.0 4.6 n/a Operating profit 250.8 258.2 – 7.3 – 3 Extraordinary income 0.3 0.1 0.3 506 Extraordinary expenses – 0.0 – 0.0 – 0.0 n/a Taxes – 36.6 – 37.1 – 0.5 – 1 Net profit 214.6 221.1 – 6.5 – 3 Minority interests – 0.0 – 0.0 – 0.0 n/a Net profit attributable to BCV shareholders 214.5 221.1 – 6.5 – 3
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10 BCV Group Statement of changes in equity (unaudited) (in CHF millions) Share capital Capital reserve Retained earnings Reserves for general banking risks Currency trans- lation reserve Own shares Equity - minority interests Net profit for the period Total equity Status at 31 December 2024 86 35 2 714 666 – 2 – 13 0 441 3 927 2024 dividend – 379 – 379 Retained earnings 62 – 62 0 Purchases of own shares (at cost) – 28 – 28 Disposals of own shares (at cost) 26 26 Gain on disposals of own shares and dividends 0 0 Currency translation differences – 0 – 0 Changes in scope and/or minority interests – 0 – 0 Net profit for reporting period 0 215 215 Status at 30 June 2025 86 36 2 776 666 – 2 – 15 0 215 3 762
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11 BCV Group Abridged notes to the financial statements Company name, legal status and head office BCV (Banque Cantonale Vaudoise) was founded on 19 December 1845 by the Vaud Cantonal Parliament as a société anonyme de droit public (i.e., a corporation organized under public law). Its legal status is defined in the Cantonal Act Governing the Organization of Banque Cantonale Vaudoise (LBCV) of 20 June 1995, and its head office is in Lausanne. Overview of operations and scope of consolidation BCV operates as a full-service bank with a community focus. Its corporate mandate is to contribute to the economic development of its home region, the Canton of Vaud. It offers a full range of services in retail banking, wealth management, corporate banking, and trading. Along with its traditional areas of business (savings & loans and wealth management), BCV engages in large-corporate financing and selected trade-financing operations in commodities (primarily softs and metals). It offers a broad portfolio of financial-market services, including equity and derivatives trading and fixed-income instruments. The Bank is also active in foreign-exchange trading and in developing and issuing structured products. BCV is the parent company of a banking and financial group. At 30 June 2025, in addition to the parent company, BCV Group comprised the private bank Piguet Galland & Cie SA and two fund management firms, Gérifonds SA and GEP SA (Société pour la gestion de placements collectifs). The scope of consolidation did not change relative to end-2024. Basis of preparation of consolidated financial statements The consolidated financial statements of BCV Group have been prepared in accordance with the provisions of the Swiss Code of Obligations, the Swiss Federal Act on Banks and Savings Institutions and its implementing ordinance, the FINMA Accounting Ordinance (FINMA-AO), and FINMA Circular 2020/1 on accounting rules for banks. The financial statements provide a true and fair view of the assets, financial position, and results of BCV Group.. The interim accounts have been drawn up in accordance with the same rules, principles, and structure as the year-end accounts. The accounting principles for the consolidated financial statements can be found on pages 124 to 130 of the 2024 Annual Report. Changes to accounting principles No changes were made to the accounting principles in H1 2025. Factors that affected the Group’s financial situation, and extraordinary income There were no factors that had a significant impact on the Group’s financial situation in H1 2025. No extraordinary income of a material amount was recorded in H1 2025. Events taking place after the closing date As at 19 August 2025, when this interim report was completed, the Group was not aware of any event liable to have a material influence on the Group’s H1 2025 financial statements. Rounding The figures contained in the tables have each been properly rounded depending on the number of significant digits used for the table; this may result in discrepancies between listed column and row totals and the sum of individual column or row items.
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12 Business sector information Retail Banking Corporate Banking Customer business volumes by sector (in CHF millions) 30 / 6 / 25 31 / 12 / 24 30 / 6 / 25 31 / 12 / 24 Loans and advances to customers 131 106 5 238 4 974 Mortgage loans 11 261 10 956 13 820 13 699 Total customer loans1 11 392 11 062 19 058 18 673 Customer deposits1 12 533 12 166 12 265 12 611 Off-balance-sheet commitments1 259 240 2 053 1 984 Assets under management (including double-counted) 16 206 15 666 18 945 18 933 Results by business sector (in CHF millions) H1 2025 H1 2024 H1 2025 H1 2024 Net interest income before loan impairment charges/reversals 110.6 86.9 121.4 123.5 Loan impairment charges/reversals2 – 1.5 – 1.4 – 11.7 – 11.3 Net interest income after loan impairment charges/reversals 109.1 85.6 109.7 112.2 Net fee and commission income 33.2 31.1 21.1 19.6 Net trading income 8.7 9.0 5.2 5.5 Other income 0.5 0.5 1.1 1.2 Revenues 151.5 126.1 137.1 138.5 Personnel costs – 24.5 – 24.2 – 16.5 – 16.7 Operating expenses – 20.8 – 19.9 – 5.6 – 5.7 Depreciation, amortization and write-offs – 6.9 – 7.5 – 0.9 – 1.0 Interdivisional billing – 27.6 – 26.6 – 30.4 – 30.7 Other provisions and losses – 0.2 – 0.3 – 1.4 – 1.5 Operating profit 71.6 47.7 82.4 82.9 Extraordinary income and expenses 0.0 0.0 0.0 0.0 Taxes3 and minority interests – 10.7 – 7.2 – 12.4 – 12.4 Net profit 60.8 40.6 70.0 70.5 Indicators H1 2025 H1 2024 H1 2025 H1 2024 Average shareholders’ equity (in CHF millions)4 325 270 1 349 1 430 ROE 37.4 30.1 10.4 9.9 Cost/income ratio5 52.1 61.3 35.9 36.1 Average headcount 368 364 185 188 2024 figures were adjusted to facilitate like-for-like comparison. 1 Customer business volumes and revenues in foreign currencies are booked to the relevant client-facing business sector using exchange rates set at the start of the year; any subsequent foreign-currency translation differences are booked to the Corporate Center. 2 Loan losses correspond to expected losses for sectors dealing with clients. The difference between new provisioning needs and expected loan losses, together with loan impairment charges/reversals, changes in existing provisions, recoveries on repaid loans, and changes in provisions for non-impaired loans, are booked to the Corporate Center. 3 Taxes are calculated per business sector according to the tax rates in effect. 4 Equity is allocated to the business sectors at 13.0% of RWAs (from 2025 in accordance with the final Basel III Accord); surplus equity is booked to the Corporate Center. 5 Costs used for calculating the cost/income ratio per sector comprise: personnel costs; operating expenses; depreciation, amortization and write-offs; and interdivisional billing. Income comprises income before loan impairment charges.
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13 Wealth Management Trading Corporate Center BCV Group 30 / 6 / 25 31 / 12 / 24 30 / 6 / 25 31 / 12 / 24 30 / 6 / 25 31 / 12 / 24 30 / 6 / 25 31 / 12 / 24 903 833 0 0 115 46 6 387 5 959 8 886 8 755 0 0 807 797 34 774 34 207 9 789 9 588 0 0 922 843 41 161 40 166 12 469 11 581 2 2 1 296 1 312 38 565 37 672 132 140 9 9 719 684 3 172 3 056 89 686 88 092 0 0 1 692 1 473 126 529 124 164 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 82.4 82.1 6.5 4.6 – 55.7 – 6.3 265.1 290.9 – 1.1 – 1.3 0.0 0.0 17.2 13.3 2.9 – 0.7 81.4 80.8 6.5 4.6 – 38.5 7.0 268.0 290.2 143.5 131.0 – 1.8 – 1.3 – 0.4 0.6 195.7 180.9 15.0 12.8 30.4 26.8 40.0 35.0 99.3 89.1 0.5 0.6 0.0 0.0 14.2 18.5 16.3 20.8 240.4 225.2 35.1 30.1 15.3 61.0 579.3 580.9 – 63.7 – 61.7 – 6.4 – 6.6 – 87.5 – 85.3 – 198.6 – 194.4 – 23.8 – 23.7 – 4.0 – 4.3 – 29.5 – 35.6 – 83.7 – 89.1 – 5.5 – 5.1 – 1.1 – 1.1 – 27.3 – 24.5 – 41.6 – 39.2 – 31.6 – 30.2 – 1.7 – 1.4 91.2 88.9 0.0 0.0 – 0.4 – 0.5 – 0.2 – 0.2 – 2.5 2.4 – 4.7 – 0.0 115.4 104.0 21.7 16.6 – 40.3 7.0 250.8 258.2 0.0 0.0 0.0 0.0 0.3 0.0 0.3 0.0 – 17.3 – 15.7 – 3.3 – 2.5 7.1 0.6 – 36.6 – 37.1 98.1 88.4 18.5 14.1 – 32.9 7.6 214.5 221.1 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 402 372 73 67 1 780 1 696 3 930 3 836 48.8 47.4 50.5 41.9 0.0 0.0 10.9 11.5 51.6 53.3 37.4 44.4 0.0 0.0 56.2 55.5 596 574 50 51 898 846 2 098 2 024
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14 SPI BanksSPIBCV Total shareholder return1 1) Stockmarket performance over the period plus dividends and capital distributions 31/12/2024 31/01/2025 28/02/2025 31/03/2025 30/04/2025 31/05/2025 30/06/2025 + 15% +7 % +13% -10% -5% 0% 5% 10% 15% 20% 25% Stock markets generally performed well in the first half of 2025 despite heightened uncertainty relating to slowing economic growth and mounting geopolitical tensions. Donald Trump’s announcement of sweeping tariffs in April caused markets to crash temporarily, with the S&P 500 dropping over 10% in two days. This was followed by a technical recovery as the announced tariff figures were subsequently reduced (except for certain countries, including Switzerland) and corporate earnings remained strong. The S&P 500 ended the half up 4.0%, ahead of the Dow Jones (+1.9%) but behind the Nasdaq (+5.9%). In Europe, market performance was underpinned by movement into the defense, green energy, and semiconductor sectors, as well as by low valuations compared to US stocks and a stronger euro. The DAX surged 18.8%, while the EURO STOXX 600 was up 6.5%. The CAC40 added 3.3% and the SMI rose 2.4%. In Asia, the Shanghai Stock Exchange edged up 1.2%, while the Nikkei declined 0.8% after posting sharp gains in 2024. The BCV share had an excellent start to the year, climbing over 22% in the first four months. It then trended downward over the remaining two months to end the half up 9.5%. That share-price appreciation, along with the dividend payout of CHF 4.40 per share in May, represents a total shareholder return of nearly 15% – one of the highest in the Swiss banking sector. The average daily trading volume in H1 was CHF 6.8m, making the BCV share the fifth most-liquid banking stock on the SIX Swiss Exchange. With a market capitalization of CHF 7.9bn at 30 June 2025, BCV was the third-largest bank among SIX-listed Swiss banks. At 30 June 2025, 17,740 BCV shareholders were listed in the share register (up 2%, or 293 shareholders, from end- 2024), 16,733 of which were individuals. The BCV share
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15 Key figures – 5-year overview Balance sheet (in CHF millions) 31 / 12 / 21 31 / 12 / 22 31 / 12 / 23 31 / 12 / 24 30 / 6 / 25 Total assets 55 952 59 397 58 870 60 629 61 219 Advances to customers 35 582 36 626 37 908 40 166 41 161 Customer deposits 38 195 38 395 36 475 37 672 38 565 Shareholders' equity 3 644 3 713 3 855 3 927 3 762 Assets under management (in CHF millions)1 Assets under management 112 887 113 539 117 296 124 164 126 529 cash and cash equivalents 33 736 39 524 37 551 38 456 38 977 investment funds 30 927 27 156 28 766 32 990 33 406 shares 23 906 21 298 23 581 23 206 23 647 bonds 8 925 9 088 10 262 11 193 11 001 other 15 393 16 474 17 136 18 320 19 499 Headcount Full-time equivalents 1 932 1 957 1 982 2 089 2 103 H1 income statement (in CHF millions) 2021 2022 2023 2024 2025 Total income 493 524 582 581 579 Operating expenses 256 261 269 283 282 Depreciation and amortization of fixed assets and impairment on equity investments 37 36 36 39 42 Other provisions and losses – 3 1 0 0 5 Operating profit 203 227 276 258 251 Net profit 173 197 240 221 215 Liquidity and capital ratios2 31 / 12 / 21 31 / 12 / 22 31 / 12 / 23 31 / 12 / 24 30 / 6 / 25 Liquidity Coverage Ratio (LCR) 157% 129% 129% 129% 133% Leverage Ratio 5.6% 5.5% 5.6% 5.5% 5.5% Tier 1 capital ratio3 17.2% 17.6% 17.9% 16.8% 18.4% Total capital ratio3 17.3% 17.7% 18.0% 16.9% 18.5% H1 income ratios 2021 2022 2023 2024 2025 Operating profit/average shareholders' equity 11.3% 12.4% 14.7% 13.4% 12.8% Cost/income ratio4 58.2% 56.5% 52.7% 55.5% 56.2% Annualized operating profit per employee (in CHF thousands) 210 234 284 255 239 ROE 9.7% 10.8% 12.9% 11.5% 10.9% Credit ratings 31 / 12 / 21 31 / 12 / 22 31 / 12 / 23 31 / 12 / 24 30 / 6 / 25 Standard & Poor's Long term AA / stable AA / stable AA / stable AA / stable AA / stable Short term A-1+ A-1+ A-1+ A-1+ A-1+ Moody's Long term Aa2 / stable Aa2 / stable Aa2 / stable Aa2 / stable Aa2 / stable Short term Prime-1 Prime-1 Prime-1 Prime-1 Prime-1 1 2022 and 2023 figures were adjusted to facilitate like-for-like comparison, following the change in the scope of assets under management as of the 2024 fiscal year. 2 More detailed information on Group and parent company liquidity and capital ratios can be found in the Final Basel III Accord – Pillar 3 Report, which is available at www.bcv.ch. 3 From 1 January 2025, the ratios are calculated in accordance with the final Basel III Accord. 4 Excluding goodwill amortization and write-downs
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Phone: 0844 228 228 Website: www.bcv.ch Email: investors@bcv.ch Head Office Place Saint-François 14 1001 Lausanne Switzerland 11-158e/25.08 Printed on 100% recycled, Blue Angel-certified paper