The earnings season began on a rather sour note with Hypothekarbank Lenzburg (as reported by finews.com), which posted a half-year profit after taxes of 9.1 million Swiss francs, down 11.4 percent compared to the same period last year.

The first results from the cantonal banks, however, were uniformly positive: Zuger Kantonalbank saw its operating income rise by 1.7 percent to 154.2 million francs in the first half, as finews.com reported. Nidwaldner Kantonalbank, also reported by finews.com, achieved a robust profit increase of 13.2 percent, with an operating profit of 22.9 million francs.

Write-downs at BLKB

In Baselland, the local BLKB showed strong core business figures according to finews.com. However, due to write-downs on subsidiaries, notably Radicant, the first-half profit fell by 1.4 percent to 90 million francs.

The Schaffhauser Kantonalbank also failed to fully impress, with its half-year profit dropping by 11 percent to 33.6 million francs, and operating profit down by 4.6 percent, attributed to a one-time effect as reported by finews.com.

Record in Solothurn

Regiobank Solothurn posted a record profit of 5.2 million francs, 11 percent higher than the previous record half-year in 2023, as noted by finews.com this morning. The Sparkasse Schwyz earned 2.9 million francs in the first half, 2.7 percent less than the same period last year, according to finews.com.

A significant bright spot was provided by the first private bank to present its figures: Banque Heritage reported a 32 percent profit surge to 9.2 million francs, finews.com reported this morning.

A Hot Week Ahead

Overall, the picture is rather positive so far, with no major negative surprises.

The predominantly smaller institutions that have already communicated their half-year results are setting the stage for next week, when the first heavyweights will report their numbers.

• Wednesday: EFG, Cembra Money Bank
• Thursday: Julius Baer, Valiant, Graubündner Kantonalbank
• Friday: Vontobel 

The finance community will have to wait a bit longer for UBS, which will publish its results on August 14. Zurich Cantonal Bank, Raiffeisen, and PostFinance will also release their numbers in August.