BCV Group delivered strong H1 2025 results in a less favorable interest-rate environment. Revenues were stable at CHF 579m. Operating profit decreased 3% to CHF 251m, while net profit declined 3% to CHF 215m.*
Revenues stable at CHF 579m
Total revenues were stable year on year at CHF 579m. Net interest income fell 8% to CHF 268m, with expanding loan volumes only partially offsetting a less favorable interest-rate environment. Fee and commission income was up 8% to CHF 196m, reflecting positive financial-market trends and high customer transaction volumes. Net trading income increased 11% to CHF 99m, mainly on market volatility. Other ordinary income fell 22% to CHF 16m.
Operating profit of CHF 251m
Operating expenses were stable at CHF 282m. Personnel costs were up 2% to CHF 199m. Other operating expenses decreased 6% to CHF 84m. Depreciation and amortization rose by 6% to CHF 42m. Operating profit declined by 3% to CHF 251m.
Net profit of CHF 215m
The Bank recorded a tax expense of CHF 37m. Net profit contracted 3% to CHF 215m. That nonetheless represents the third-best bottom line in the Bank’s history, following its record 2023 and 2024 years. The ROE of 10.9% is one of the highest in BCV’s peer group.
Balance sheet growth
Total assets amounted to CHF 61.2bn, up 1% or CHF 590m on the end-2024 figure. Mortgage lending expanded 2% or CHF 566m to CHF 34.8bn in a still dynamic real-estate market. Other loans increased 7% to CHF 6.4bn. On the liabilities side, customer deposits edged up 2% to CHF 38.6bn.
Net fund inflows of CHF 889m
The Group's assets under management rose 2% or CHF 2.4bn to CHF 126.5bn. Net new money totaled CHF 0.9bn and came from individuals, SMEs, and institutional clients. Investment performance drove AuM up by CHF 1.5bn.
CHF 379m paid out to shareholders
In accordance with its dividend policy, BCV distributed CHF 4.40 per share to its shareholders in May, for a total payout of CHF 379m. The dividend was up CHF 0.10 per share and represents a total dividend yield of 5.3% based on BCV’s 2024 closing share price.
Solid financial position
The Bank’s CET1 ratio stood at 18.4% at 30 June 2025 and shareholders’ equity amounted to CHF 3.8bn, attesting to BCV’s financial solidity. Standard & Poor's once again reaffirmed its AA rating for BCV with a stable outlook, and Moody's 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.
Renewed terms for Chair and Vice Chair of the Board of Directors
The Vaud Cantonal Government has reappointed Eftychia Fischer as Chair of BCV’s Board of Directors and Jean-François Schwarz as Vice Chair, both for four-year terms in accordance with Article 12, paragraphs 1 and 5 of the Cantonal Act Governing the Organization of Banque Cantonale Vaudoise. Their new terms will end on 31 December 2029.
Lausanne, Switzerland, 21 August 2025
*Unaudited figures
2026 calendar
12 February Full-year 2025 results
31 March Publication of the 2025 annual and sustainability reports
30 April Annual Shareholders’ Meeting in Lausanne
20 August Half-year 2026 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.
