Banque Cantonale Vaudoise · SIX:BCVN
Banque Cantonale Vaudoise — H1 2025 Earnings Presentation
33 slides from Banque Cantonale Vaudoise's earnings presentation, Aug 21, 2025
Slide 1: Half-Year 2025 Results
Half-Year 2025 Results Investors’ and analysts’ presentation 21 August 2025
Slide 2: Disclaimer
Disclaimer Waiver of liability. While we make every reasonable effort to use reliable information, we make no representation or warranty of any kind that all information contained in this document is accurate or complete. We disclaim all liability or responsibility for any loss, damage or injury tha
Slide 3: Agenda
Agenda Introduction HY 2025 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 3 Half-Year 2025 Results
Slide 4: Key messages
Key messages Business volumes up across all client segments Revenues stable at CHF 579m, despite a less favorable interest-rate environment, underlining BCV’s well-diversified revenue streams Solid net profit of CHF 215m, off 3% following two record years1 Note (1) Excluding extraordinary items 4 Ha
Slide 5: HY 2025 key figures
HY 2025 key figures CHF (rounded), unaudited figures Revenues Operating profit Net profit 579m 251m 215m 0% -3% -3% Total assets AuM 61.2bn 126.5bn +1% +2% 5 Half-Year 2025 Results
Slide 6: Main business trends
Main business trends CHF (rounded), unaudited figures Mortgage loans Sight deposits1, 2 AuM +2% +8% +2% 34,207 34,774 14,745 124,164 126,529 13,705 31 Dec. 30 Jun. 31 Dec. 30 Jun. 31 Dec. 30 Jun. 2024 2025 2024 2025 2024 2025 Other loans Other client deposits2 Net new money +7% -1% 6,387 23,968 -185
Slide 7: BoD and EB news
BoD and EB news Board of Directors Executive Board • Reappointment by Vaud • Arrival of Anne Maillard on the Cantonal Government of Bank’s Executive Board on 1 Eftychia Fischer as Chair of May 2025, as head of the Retail BCV’s Board of Directors and Banking Division. She replaced Jean-François Schwa
Slide 8: Very solid financial and ESG ratings
Very solid financial and ESG ratings Financial ratings SD/D CC CCC- CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA • Financial ratings reaffirmed: BCV is one of the best-rated banks in the world without an explicit government guarantee C Ca Caa3 Caa2 Caa1 B3 B2 B1 Ba3 Ba2 Ba1 Baa3
Slide 9: Retail Banking
Retail Banking CHF millions (rounded)1 Mortgage loans Customer deposits • Continuing rise in mortgage loans in a dynamic real-estate market +3% +3% 10,956 11,261 12,166 12,533 • Ongoing cash inflows from customers • Revenues and operating profit strongly up: 31 Dec. 30 Jun. 31 Dec. 30 Jun. 2024 2025
Slide 10: Corporate Banking
Corporate Banking CHF millions (rounded)1 Loans/off-balance-sheet Customer deposits • SMEs commitments – Mortgages and loans up 2% (excl. Covid-19 +2% -3% bridge loans) 20,657 21,111 12,611 12,265 – 86% of total Covid-19 bridge loans paid off – Deposits up 1% • Real-estate firms – Mortgages stable •
Slide 11: Wealth Management
Wealth Management CHF millions (rounded)1 AuM Mortgage loans • AuM higher mainly on positive market performance and NNM from individual and +2% +1% institutional clients 88,092 89,686 8,755 8,886 • Ongoing growth in mortgage lending 31 Dec. 30 Jun. 31 Dec. 30 Jun. • Revenues and operating profit up
Slide 12: Trading
Trading CHF millions (rounded)1 Revenues Operating profit • Forex trading up amid volatility – forex accounted for close to 60% of overall Trading +16% +31% revenues 35 22 30 17 • Structured product volumes up H1 H1 H1 H1 • Revenues and operating profit up 2024 2025 2024 2025 Revenues time series +1
Slide 13: Agenda
Agenda Introduction HY 2025 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 13 Half-Year 2025 Results
Slide 14: Income statement
Income statement CHF millions (rounded), unaudited figures H1 2024 H1 2025 Change Total income from ordinary banking operations 581 579 -2 0% Operating expenses -283 -282 -1 0% Depreciation & amortization of fixed assets and -39 -42 +3 +6% impairment on equity investments Other provisions and losses
Slide 15: Total income from banking operations – focus on BSM
Total income from banking operations – focus on BSM CHF millions (rounded), unaudited figures Total income from ordinary banking operations • Net interest income – Down (see details below) • Commissions & fees – Up, on 581 579 -2 0% favorable market conditions and high personal banking transaction 2
Slide 16: Total income from banking operations – focus on NII
Total income from banking operations – focus on NII CHF millions (rounded), unaudited figures Total income from ordinary banking operations • Net interest income – Down (see details below) • Commissions & fees – Up, on 581 579 -2 0% favorable market conditions and high personal banking transaction 2
Slide 17: Operating expenses, depreciation and amortization
Operating expenses, depreciation and amortization CHF millions (rounded), unaudited figures 323 324 +1 0% • Personnel costs – Up due to: – Insourcing of IT hosting services (base effect compared to H1 2024) – Salary increases 194 199 Personnel costs +5 +2% • Other operating expenses – Down, on insou
Slide 18: Headcount
Headcount Full-time equivalents at period-end 2,089 2,104 +15 +1% • Workforce broadly stable 227 233 Subsidiaries +6 +3% 1,863 1,871 Parent company +8 0% 31 Dec. 30 Jun. 2024 2025 18 Half-Year 2025 Results
Slide 19: Assets
Assets CHF billions (rounded), unaudited figures 60.6 61.2 +0.6 +1% • Cash and equivalents – Decrease in SNB sight deposits 10.1 Cash and equivalents -0.5 -5% 10.6 Due from banks and reverse 0.7 -0.4 -36% repo agreements 1.1 • Loans and advances to customers – 6.4 Loans and advances to customers 6.0
Slide 20: Liabilities and equity
Liabilities and equity CHF billions (rounded), unaudited figures 60.6 61.2 +0.6 +1% • Customer deposits – Up, mainly from retail and private banking customers, 5.8 Due to banks 7.2 -1.4 -19% SMEs and institutionals • Bonds and mortgage-backed bonds – Bond and Swiss Pfandbriefe issues 38.6 Customer d
Slide 21: Assets under management
Assets under management CHF billions (rounded) Assets under management • AuM up CHF 2.4bn (+1.9%) to CHF 126.5bn +1.9% – +CHF 1.5bn market 124.2 +1.5 126.5 performance +0.9 Piguet 7.7 7.7 Galland – +CHF 0.9bn net new money 116.4 118.8 BCV 31 Dec. Net new Performance 30 Jun. 2024 money 2025 Net new m
Slide 22: Capital ratios
Capital ratios CHF billions (rounded) Risk-weighted assets and CET1 ratio • CET1 ratio up, to 18.4%, vs. requirement of 14.0% based on total RWAs CET1 ratio FINMA minimum target capital ratio Common Equity Tier 1 Leverage ratio – +1.4% due to regulatory changes 18.4% (final Basel III) : removal of I
Slide 23: Liquidity ratio (LCR)
Liquidity ratio (LCR) CHF billions (rounded) HQLAs1 LCR Minimum requirement • LCR increased by 4.4 points vs. H2 Net cash outflows1 2025 132.1% 133.4% 129.5% 127.4% 129.0% • Level of HQLAs remained stable while net cash outflows decreased on lower short-term funding 100% • Composition of the Bank’s
Slide 24: Net Stable Funding Ratio (NSFR)
Net Stable Funding Ratio (NSFR) CHF billions (rounded) Available stable funding (ASF)1 NSFR Minimum requirement • NSFR increased by 4.3 points from Required stable funding (RSF)1 31 December 2024, on higher available stable funding (ASF), mainly 124.4% 122.6% due to increases in : 120.4% 122.0% 119.
Slide 25: Agenda
Agenda Introduction HY 2025 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 25 Half-Year 2025 Results
Slide 26: Swiss and Vaud GDP growth
Swiss and Vaud GDP growth In % Swiss GDP1 Vaud GDP2 • Fundamentals of the Swiss economy are still strong: BCV’s internal estimate at – Steady population growth August 2025 underpinned by robust 7.0 immigration 6.0 6.1 – Low unemployment rate (2.7% on 5.3 average in Switzerland) 5.0 – Inflation rate
Slide 27: Real estate in Vaud
Real estate in Vaud Transaction prices in Vaud (Base of 100 in June 2015) • Ongoing rise in Vaud real-estate Apartments Single homes transaction prices: 150 – Apartments: Up 4.3% YoY, up 140 2.7% YTD +6,0% 130 +4,3% – Single-family homes: Up 6.0% 120 YoY, up 3.6% YTD 110 100 • Prices supported by lo
Slide 28: Appendices
Appendices 28 Half-Year 2025 Results
Slide 29: Income statement
Income statement CHF millions (rounded) H1 2025 H1 2024 Abs. change Change as % Interest and discount income 376.0 509.0 -133.0 -26 Interest and dividend income from financial investments 31.1 24.0 +7.1 +29 Interest expense -142.0 -242.2 -100.2 -41 Net interest income before loan impairment charges/
Slide 30: Balance sheet
Balance sheet CHF millions (rounded) 30 Jun. 2025 31 Dec. 2024 Abs. change Change as % Cash and cash equivalents 10,053 10,614 -560 -5 Due from banks 734 1,139 -405 -36 Reverse repurchase agreements 0 0 0 N/A Loans and advances to customers 6,387 5,959 +429 +7 Mortgage loans 34,774 34,207 +566 +2 Tr
Slide 31: Key performance indicators
Key performance indicators 31 Dec. 31 Dec. 31 Dec. 31 Dec. 30 Jun. 2021 2022 2023 2024 2025 Impaired loans/ 0.4% 0.4% 0.3% 0.3% 0.3% credit exposure Customer deposits/ Asset quality 107% 105% 96% 94% 94% loans to customers and balance sheet structure Liquidity Coverage Ratio (LCR) 157% 129% 129% 129
Slide 32: BCV share
BCV share Per share (CHF) Stock price (CHF) Operating profit EPS BCV SPI Index (rebased) 3.2 105 3.1 3.0 3.0 2.8 2.9 2.7 2.6 2.6 100 2.5 95 91.45 90 85 80 0 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 1 Jan. 2025 31 Mar. 2025 30 Jun. 2025 Key figures 31 Dec. 31 Dec. 31 Dec. 31 Dec. 30 Jun. 2021 2022 202
Slide 33: Calendar
Calendar 13 February 2025 8 May 2025 21 August 2025 12 February 2026 Full-year 2024 Annual Shareholders’ Half-year 2025 Full-year 2025 results Meeting in Lausanne results results 31 March 2026 30 April 2026 20 August 2026 Publication of the Annual Shareholders’ Half-year 2026 2025 annual and Meeting
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