Thurgauer Kantonalbank (TKBP) H2 2024 earnings summary

Executive summary

• Achieved strong growth in core business, with a solid capital base and the second-highest annual profit in TKB history at CHF 158 million, despite a challenging economic environment.

• Increased dividend by CHF 0.10 to CHF 3.40 per participation certificate, with a payout ratio of 42.3%.

• Maintained AA- rating from S&P Global Ratings and a strong reputation in the market.

Financial highlights

• Net profit of CHF 158 million, down 0.6% year-over-year; operating profit (Geschäftserfolg) at CHF 218.8 million, down 4.1%.

• Total assets rose 8.0% to CHF 35.4 billion; customer loans up 5.9% to CHF 26.9 billion; customer deposits up 2.5% to CHF 19.1 billion.

• Net new money inflow of CHF 0.4 billion; depot volume increased by CHF 1.6 billion.

• Net interest income grew 1.4% to CHF 300.6 million; commission and service income up 7.5% to CHF 80.3 million.

• Cost-income ratio at 44.6%, reflecting strong cost discipline.

Outlook and guidance

• 2025 environment expected to remain challenging, with continued focus on strategic priorities, cost discipline, and digitalization.

• TKB expects slightly lower company performance in 2025 compared to 2024.