Banks Migros Bank 2024 with lower profit after strong previous year
Migros Bank earned less last year than in the record previous year. Meanwhile, customer deposits continued to rise and the bank believes it is well positioned for the future.
11.02.2025, 07:45
SDA
Operating income fell by 2.6 percent to 806.6 million francs in 2024, as the bank announced on Tuesday. Costs, on the other hand, rose by 3.0 percent to CHF 425.0 million.
As a result, the cost/income ratio, which is important for banks, deteriorated slightly to 50.7 percent after 47.3 percent in the previous year. As a result, the operating profit as a measure of the operating result fell by 11.0% to CHF 341.1 million.
The bottom line was a 10.0% lower annual profit of CHF 282.1 million. However, the bank emphasized that this was still the second-best result in its history.
Customer loans break the 50 billion mark
In the important interest business, net income fell by 6.6 percent to 599.0 million francs following the strong increase in the previous year. This was due in particular to the fact that Migros Bank only partially followed market interest rates with account interest rates to the benefit of customers.
Meanwhile, commission business rose sharply (+15% to 125.1 million). The development of the growing Cumulus credit card portfolio, for example, was partly responsible for this. Success in the trading business also increased significantly (+18% to 73.9 million).
Customer loans - including personal loans, leasing and other receivables - continued to grow and broke through the CHF 50 billion mark for the first time. Specifically, they rose to 50.6 billion (+1.3%). Migros Bank's customer deposits rose by a "pleasing" 2.3% to 45.7 billion. The total customer base climbed by 5.4% to 1.2 million.
"Financially well positioned"
"There are still economic risks for export-oriented Switzerland and, as a result, monetary policy challenges," it said, looking to the future. Migros Bank is monitoring economic developments and their impact on consumers and companies.
With a strong capital base and a broad customer base throughout Switzerland, Migros Bank is strategically and financially well positioned.
