Ad hoc announcement pursuant to Art. 53 LR
BCV Group delivered strong FY 2024 results. Revenues were stable at CHF 1.16bn in a less favorable interest-rate environment. Compared with the Bank’s record 2023 year, operating profit decreased 5% to CHF 515m, while net profit declined 6% to CHF 441m. These figures nevertheless represent the second-best full-year performance in BCV’s history, excluding exceptional items. At the upcoming Annual Shareholders’ Meeting, the Board of Directors will recommend a CHF 0.10 increase in the ordinary dividend to CHF 4.40 per share.
Revenues stable at CHF 1.16bn
Total revenues were stable year on year at CHF 1.16bn. Net interest income fell 7% to CHF 554m. Strong growth in lending volumes, which were up 6%, only partially offset the effects of an interest-rate environment that was less favorable than in 2023. Fee and commission income was up 9% to CHF 369m, reflecting favorable financial-market trends and firm personal-banking transaction volumes. Net trading income increased 2% to CHF 195m. Other ordinary income rose 9% to CHF 38m.
Operating profit of CHF 515m
Operating expenses were up 3% to CHF 557m. Personnel costs climbed 6% to CHF 387m, mainly reflecting inflation-driven salary increases, the insourcing of IT hosting services, and Bank projects, including in cybersecurity and asset management. Other operating expenses fell 4% to CHF 170m. Depreciation and amortization rose 8% to CHF 82m. Operating profit declined 5% to CHF 515m.
Net profit of CHF 441m
The Bank’s tax expense rose 1% to CHF 75m despite the decline in taxable income, following the implementation of the OECD’s minimum corporate tax rate. Net profit contracted 6% to CHF 441m. This nonetheless represents the second-best bottom line in the Bank’s history, excluding exceptional items. The ROE of 11.5% is one of the highest in BCV’s peer group.
Balance sheet growth
Total assets amounted to CHF 60.6bn, up CHF 1.8bn (3%) on the end-2023 figure. Mortgage lending expanded 8%, or CHF 2.4bn, to CHF 34.2bn, in a dynamic real-estate market. Other loans decreased 3% to CHF 6.0bn, reflecting ongoing Covid-19 loan reimbursements. On the liabilities side, customer deposits grew 3% to CHF 37.7bn.
Continued net fund inflows
The Group's assets under management rose 6%, or CHF 6.9bn, to CHF 124.2bn. Net new money totaled CHF 3.3bn and came from all client segments: individuals in Switzerland, SMEs, institutional clients, and large corporates. Investment performance drove AuM up by CHF 3.6bn.
Solid financial position
The Bank’s CET1 ratio stood at 16.8% at 31 December 2024 and shareholders’ equity was up 2% to CHF 3.9bn, attesting to BCV’s financial solidity. Standard & Poor's once again reaffirmed its AA rating for BCV with a stable outlook, and Moody's has maintained its Aa2 rating, also with a stable outlook.
Very solid ESG ratings
BCV’s longstanding commitment to sustainable economic development is reflected in the Bank’s ESG scores. MSCI has given the Bank an ESG rating of AA, the agency’s second-highest score, placing BCV in the “Leader” category. Ethos has reaffirmed the Bank’s A‒ rating, the second-highest score. ISS ESG has recently upgraded BCV’s rating to C and placed the Bank in the “Prime” category.
Proposed CHF 379m payout
At the upcoming Annual Shareholders’ Meeting, the Board of Directors will recommend an ordinary dividend of CHF 4.40 per share, up CHF 0.10 on the prior-year figure. If the payout is approved, BCV will distribute CHF 379m to its shareholders. The Canton of Vaud will receive CHF 254m in dividends together with CHF 32m in cantonal and municipal taxes, for a total of CHF 286m.
Changes to the Board of Directors
Ingrid Deltenre has decided to step down from the BCV Board of Directors at the upcoming Annual Shareholders’ Meeting. She was elected to the Board on 1 May 2014 and, several months later, appointed to the Compensation, Promotions, and Appointments Committee, which she chaired from 2020 to 2024. The Bank would like to express its warmest thanks to Ms. Deltenre for her significant contributions as a member of the Board.
At the upcoming Annual Shareholders' Meeting, the Board of Directors will recommend that Sandra Hauser be elected to replace Ms. Deltenre. Ms. Hauser has extensive experience in technology, finance, and management. She holds a master’s degree in computer science from ETH Zurich (1995) and a diploma in financial analysis and portfolio management from AZEK (1999). Until 2023, she held various technology management positions at financial institutions and services companies including UBS, Avaloq, and Zurich Insurance Company. She has served on the boards of Assura (2013–2022) and Urner Kantonalbank (2018–2024), and since 2024 has been a board member of Cembra Money Bank. Ms. Hauser is the managing director of acreas GmbH, a consulting firm she founded in 2014.
Lausanne, Switzerland, 13 February 2025
2025 calendar
8 April Publication of the 2024 annual and sustainability reports
8 May Annual Shareholders’ Meeting in Lausanne
12 May Ex-dividend date
13 May Dividend record date
14 May Dividend payment
21 August Half-year 2025 results
Banque Cantonale Vaudoise – Contacts
Jean-Pascal Baechler, Press Officer
Tel.: + 41 21 212 22 51
Email: jean-pascal.baechler@bcv.ch
Grégory Duong, Investor Relations
Tel.: +41 21 212 20 71
Email: gregory.duong@bcv.ch
The above text is a translation of the original French document; only the French text is authoritative.