Banque Cantonale Vaudoise

Latest Results (11.05.2026):

Banque Cantonale Vaudoise (BCV) — Full‑year 2025 results: BCV reported stable revenues of CHF 1.15bn and a solid net profit of CHF 430m (‑2% vs. 2024). Operating profit was CHF 503m (‑2%). Total assets rose to CHF 61.6bn (+2%) and assets under management increased to CHF 134.1bn (+8%). The Board proposed a CHF 4.40 dividend (≈4.4% yield). Net interest income was pressured by a less favourable rate environment, while commissions and trading held up well.

Top line and profitability

Revenues were essentially flat at CHF 1.150bn (2024: CHF 1.155bn). Operating profit declined slightly to CHF 503m and net profit to CHF 430m (both ‑2%). The earnings track record remains strong after two record years.

Dividend

The Board proposed a dividend of CHF 4.40 per share, representing a dividend yield of about 4.4% based on the year‑end closing price.

Balance sheet and AuM

Total assets increased to CHF 61.6bn (+2%). Assets under management rose to CHF 134.1bn (+8%), driven by CHF 6.1bn of market performance and CHF 3.8bn net new money (mix: CHF ~1.8bn from individuals/SMEs; CHF ~2.0bn from institutional/large corporates).

Net interest income and balance‑sheet management (BSM)

NII before loan impairment declined to CHF 526m (‑CHF 28m, ‑5%) due to a less favourable interest‑rate environment. “Economic” NII (NII before BSM + net income from BSM) fell CHF 34m to CHF 615m; NII before BSM was CHF 596m and net income from BSM decreased modestly (to CHF ~19m).

Business‑line performance

Retail: mortgage lending continued to expand and retail revenues/operating profit rose (higher internal transfer pricing). Corporate: loans and off‑balance‑sheet commitments increased modestly; deposits showed seasonal volatility. Wealth management: AuM and revenues rose (AuM growth driven by markets and net inflows). Trading: forex and structured‑product activity supported revenue growth.

Deposits, funding and liquidity

Customer deposits increased to CHF 38.3bn (+2%). Due to banks fell, while bonds and mortgage‑backed funding rose (+18%) after several bond issues and Pfandbrief activity. Financial investments (liquidity reserve) increased significantly (+23%).

Costs, headcount and efficiency

Operating expenses were broadly stable (slight increase to CHF ~560m); depreciation and amortisation unchanged. Personnel costs rose modestly (+2%) and full‑time equivalents were essentially flat at ~2,083.

Credit quality

Loan impairment charges remained very low and provisioning needs were limited, reflecting the resilient Vaud economy and a low level of COVID bridge exposure after repayments.

Ratings and ESG

BCV’s financial ratings remain very solid for a bank without an explicit government guarantee. ESG ratings improved: MSCI upgraded to the second‑highest band and BCV entered Ethos’s “Prime” category.