BCV H1 Net Profit Rises 5% as Revenue Diversification Pays Off

Banque Cantonale Vaudoise posted a 5% rise in first-half net profit to CHF 225 million, the Swiss regional lender said Thursday, as revenue growth from private banking and asset management offset pressure from low interest rates.

CEO Pascal Kiener told analysts on the earnings call that BCV's business model is the most diversified of all cantonal banks, which helped revenue edge higher despite the rate environment. The bank kept cost growth to 1% across personnel, operating expenses and amortization, Kiener said.

Mortgage volumes, other loans and client deposits all increased during the period. Combined sight deposits and other client deposits rose 3%.

Moody's and S&P both confirmed BCV's credit ratings, Kiener noted.

The bank's Alpha Score sits at 65 out of 100, a Moderate rating within the Financials sector, according to AlphaScala data.

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