Berner Kantonalbank with stable profit in the first half of the year
Published: Wednesday, Aug 14th 2024, 07:30
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Berner Kantonalbank (BEKB) narrowly maintained its profit in the first half of 2024 after strong growth in the previous year. Customer growth is also continuing. In its outlook, the bank also expects a solid result for the second half of the year.
Operating income remained virtually unchanged in the first half of the year at CHF 270.5 million, as the bank announced on Wednesday. However, the operating profit as a measure of operating performance rose by 1.9 percent to 118.0 million.
The bottom line was a profit of CHF 75.3 million, which is 0.4 percent less than in the previous year, when a new record result was achieved.
On the cost side, expenditure increased at an above-average rate. Operating expenses rose by 3.4% to CHF 134.2 million due to investments in strategic projects.
Interest business lower
In the central interest business, net income fell by 3.3 percent to CHF 188.7 million. The bank attributes this to the general market situation.
Meanwhile, customer loans increased by 1.6% to CHF 29.2 billion, of which CHF 27.3 billion were mortgage loans (+2.0%).
In the commission and services business, higher income from the securities and investment business in particular led to an increase of 7.2 percent to CHF 56.3 million.
Solid outlook
Looking ahead, BEKB was slightly positive. The first half of 2024 shows that BEKB's business model is convincing and that the bank is well on track with its Strategy 2025, CEO Armin Brun is quoted as saying. BEKB is therefore confident that it will also achieve a solid result in the second half of the year.
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