Berner Kantonalbank (BEKN) H1 2024 earnings summary

Executive summary

• Achieved a solid first-half 2024 result with net profit of CHF 75.3 million, down 0.4% year-over-year.

• Customer growth continued, with increases in both client loans and assets under management.

• Commission and service business income rose 7.2% compared to the same period last year.

• Strategic investments led to a 3.4% increase in operating expenses.

• The bank remains confident in its business model and outlook for the second half of 2024.

Financial highlights

• Net profit: CHF 75.3 million, down 0.4% year-over-year.

• Total assets: CHF 39.8 billion, down 0.6% from year-end 2023.

• Client loans: CHF 29.2 billion, up 1.6% from year-end 2023; mortgage loans CHF 27.3 billion, up 2.0%.

• Assets under management: CHF 42.3 billion, up 3.5% from year-end 2023.

• Net interest income fell 3.3% year-over-year due to lower market rates.

Outlook and guidance

• Expects to achieve another solid result in the second half of 2024.

• Continues to pursue growth opportunities, especially in asset management and key client segments.