Migros Bank posts lower profit in the first half of the year
Published: Tuesday, Aug 27th 2024, 08:10
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Migros Bank generated slightly lower income in the first half of 2024 than in the previous year and earned less on balance.
The operating profit as a measure of the operating result fell by 7.5 percent to 186.5 million francs in the first half of the year, as Migros Bank announced on Tuesday. At the bottom line, profit fell by 7.8 percent to 152.7 million francs.
One of the reasons for the decline was the lower operating income. This fell by 3.0% to 402.3 million. In the central interest business, the normalization of the interest rate environment resulted in a decline in net income of 7.7 percent to 301.3 million. Despite the interest rate cut by the SNB, Migros Bank left account interest rates unchanged at a high level.
In contrast, net trading income increased by 10.3 percent to CHF 35.4 million. Net commission income also increased by a strong 26.4 percent to 58.4 million. This development is attributable in particular to the card business with the growing Cumulus credit card portfolio. Including card customers, the total customer base rose by 2.7 percent to 1.15 million.
Cost-income ratio slightly higher
The slight decline in income was offset by a slight increase in costs of 0.6% to CHF 199.7 million in the first half of the year. The cost-income ratio therefore deteriorated slightly to 47.4% from 46.2% in the same period of the previous year.
Mortgage receivables fell by a minimal 0.3 percent to 46.2 billion in the first six months. Customer deposits increased by 1.1 percent to 45.2 billion.
Vague outlook
Migros Bank is holding back on a concrete outlook. Geopolitical risks continue to exist and economic developments are being closely monitored, it said. However, Migros Bank is strategically and financially well positioned.
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