Graubündner Kantonalbank (GRKP) H1 2024 earnings summary

Executive summary

• Consolidated profit rose 12.1% year-over-year to CHF 133.6 million in H1 2024, driven by increases in net interest, fee, and trading income.

• Operating result declined 2.1% to CHF 132.8 million due to higher investments in staff and digitalisation.

• Client assets surpassed CHF 50 billion for the first time, reaching CHF 50.8 billion, up one-third since 2021.

• Chairman Peter Fanconi will step down at the 2025 AGM after a successful strategy cycle.

Financial highlights

• Operating income increased 2.9% to CHF 267.6 million compared to H1 2023.

• Net interest income grew 3.6% to CHF 167.2 million; net fee and commission income up 7.2% to CHF 84.7 million.

• Net trading income rose 4.3% to CHF 10.3 million.

• Extraordinary income of CHF 4.0 million from the sale of an equity interest.

• Loans to clients increased by CHF 474.5 million (+2.0%) to CHF 24.4 billion.

Outlook and guidance

• Full-year 2024 consolidated profit forecast raised to CHF 210–230 million, with expected EPS of CHF 80–88.

• Guidance assumes further SNB rate cuts and stable capital markets in H2 2024.