Banque Cantonale Vaudoise (BQCNF) Q2 2026 Earnings Call

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WEBVTT 00:00:01.713 -- 00:00:07.475 Okay. Good morning, everybody. Pascal Tiner, CEO of VCV speaking. 00:00:07.475 -- 00:00:10.996 Let me jump directly on page four 00:00:10.996 -- 00:00:16.478 to comment what I consider are the key messages of our H1 results. 00:00:16.478 -- 00:00:18.158 Basically, 00:00:18.158 -- 00:00:23.300 VCV is doing quite well with the continued growth in all business 00:00:23.300 -- 00:00:24.780 sectors. 00:00:24.780 -- 00:00:29.802 Revenue are slightly up despite the negative or the low 00:00:29.802 -- 00:00:32.313 interest rate environment 00:00:32.313 -- 00:00:36.874 due to our business model, which is quite diversified, 00:00:36.874 -- 00:00:42.235 the most diversified type of revenues of all continental banks due to private banking 00:00:42.235 -- 00:00:44.135 and asset management. 00:00:44.135 -- 00:00:49.416 And then in this uncertainty world and also 00:00:49.416 -- 00:00:54.897 in this environment of, let's say, very low interest rates, 00:00:54.897 -- 00:01:00.392 we try to master and to control very tightly our cost 00:01:00.392 -- 00:01:05.655 and you see that the overall cost, meaning the patent cost or patent expense as well 00:01:05.655 -- 00:01:07.916 as amortization, 00:01:07.916 -- 00:01:10.738 are up only 1%. Basically, 00:01:10.738 -- 00:01:15.941 this results in a net profit of 5% compared 00:01:15.941 -- 00:01:20.244 to last year, 225 million Swiss francs. 00:01:20.244 -- 00:01:23.466 Then I go directly on page six. 00:01:23.466 -- 00:01:26.126 You see the different... 00:01:26.638 -- 00:01:31.662 Business, volume, mortgage, order loans, deposits, so everything is 00:01:31.662 -- 00:01:37.066 up. In terms of deposits, you have to add the two 00:01:37.066 -- 00:01:40.188 elements, side deposit and other kind of deposits....