Banque Cantonale Vaudoise
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Banque Cantonale Vaudoise (BCVN) investor relations material

Banque Cantonale Vaudoise H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary12 Feb, 2026

Executive summary

  • Revenues remained stable at CHF 1.15bn despite a less favorable interest-rate environment, reflecting a well-diversified business model and ongoing growth across all business lines.

  • Net profit reached CHF 430m, down 2% year-over-year, marking the second-best result in company history after two record years.

  • The Board proposes an unchanged ordinary dividend of CHF 4.40 per share, yielding 4.4% at year-end price and representing an 88% payout ratio.

  • Financial and ESG ratings remain strong and unchanged, with high non-financial ratings among peers from MSCI, Ethos, ISS ESG, and CDP.

Financial highlights

  • Net interest income fell 5% to CHF 526m, with lending growth only partially offsetting lower rates.

  • Fee and commission income rose 7% to CHF 394m, nearly offsetting the decline in interest income.

  • Net trading income was stable at CHF 195m, with business trading income slightly higher.

  • Operating profit declined 2% to CHF 503m; operating expenses were stable at CHF 560m.

  • Total assets increased 2% to CHF 61.6bn; assets under management rose 8% to CHF 134.1bn.

Outlook and guidance

  • No formal outlook or guidance provided; management expects similar results barring major events, with Swiss and Vaud economies expected to grow around 1% annually over the next two years.

  • Real estate prices in Vaud continue to rise, supported by low interest rates and strong demand.

  • Mortgage and real estate business expected to grow 4%-5% annually, focusing on quality and low vacancy areas.

  • Swiss franc appreciation may impact exports, but fundamentals remain strong.

NII margin impact from rate environment
Investment performance driving AuM growth
Explain 202% increase in other provisions
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Frequently asked questions

Banque Cantonale Vaudoise is a Swiss regional bank that provides a broad range of financial services to individuals, businesses, and institutions. Its offerings include retail banking services such as savings and checking accounts, mortgages, loans, and credit cards, as well as wealth management, investment services, and corporate banking. BCV primarily serves the Canton of Vaud, focusing on personal banking, small and medium-sized enterprises (SMEs), and institutional clients, with an emphasis on regional economic development and financial stability. The company is headquartered in Lausanne, Switzerland, and its shares are listed on the SIX.

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