Graubündner Kantonalbank (GRKP) H2 2023 earnings summary

Executive summary

• Achieved record consolidated profit of CHF 230.6 million, up 11.1% year-over-year, reflecting strong positioning as a credit, investment, and pension bank.

• Operating income rose 14.2% to CHF 525.9 million, with growth across all income components.

• Operating result increased 18.5% to CHF 258.5 million, driven by higher interest income and client loan acquisitions.

• Dividend increased by 11.8%, with CHF 103.5 million distributed to the Canton of Graubünden.

Financial highlights

• Consolidated profit: CHF 230.6 million (+11.1%); operating result: CHF 258.5 million (+18.5%).

• Operating income: CHF 525.9 million (+14.2%); operating expenses: CHF 234.4 million (+8.6%).

• Return on equity improved to 8.8% from 7.7% year-over-year.

• EPS rose 17.1% to CHF 97.6.

• Cost/income ratio II improved to 48.8% from 51.9% year-over-year.

Outlook and guidance

• Expects consolidated net profit for 2024 in the range of CHF 200–220 million.

• Earnings per participation certificate projected at CHF 76–84 for 2024.