Graubündner Kantonalbank (GRKP) H2 2024 earnings summary

Executive summary

• Consolidated profit reached CHF 229.5 million, nearly matching the prior year and exceeding initial expectations, reflecting a robust business model across interest, investment, and pension segments.

• Dividend per participation certificate remains unchanged at CHF 47.50, with CHF 103.7 million distributed to the Canton of Graubünden, including state guarantee payments.

• The bank demonstrated resilience amid four SNB rate cuts, with strong interest margin and growth in investment and pension business.

Financial highlights

• Operating income increased 0.5% year-over-year to CHF 528.4 million, while operating result declined 1.6% to CHF 254.3 million.

• Net interest income was CHF 327.6 million, down 1.7% year-over-year, but fee and commission income rose 7.7% to CHF 171.6 million.

• Cost/income ratio II stood at 50.4%, well below the strategic upper limit of 55%.

• Return on equity was 8.5%, and EPS was CHF 96.4, both slightly lower than the previous year.

• Business volume grew 4.2% to CHF 76.1 billion, with client loans up 3.0% and client assets up 4.7%.

Outlook and guidance

• Consolidated profit for 2025 is forecast between CHF 210 and 230 million, reflecting expectations of a stable but slightly lower result.