Graubündner Kantonalbank (GRKP) H1 2025 earnings summary

Executive summary

• Consolidated profit for H1 2025 was CHF 116.1 million, down 13.1% year-over-year, with operating profit at CHF 118.8 million, down 10.6% due to higher expenses and valuation adjustments.

• Mortgage volume grew 1.8% to CHF 22.0 billion, with 70% of growth in the home canton, and client loans rose 1.3% to CHF 25.0 billion.

• Net new money at Group level was negative CHF 412.7 million, compared to negative CHF 203.6 million in the prior year period.

Financial highlights

• Operating income for H1 2025 was CHF 257.4 million, down 3.8% year-over-year.

• Net interest income fell 5.3% to CHF 158.3 million due to CHF 10.3 million in value adjustments.

• Net fee and commission income declined 1.2% to CHF 83.7 million, impacted by a one-off effect.

• Cost/income ratio II increased to 51.0% from 48.6% year-over-year.

• Return on equity dropped to 7.9% from 9.1% in the prior year period.

Outlook and guidance

• Full-year 2025 consolidated profit is expected between CHF 210 million and CHF 230 million, confirming previous guidance despite market uncertainties.