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Reporting Academy
Strategic business units

Financial Services

Migros Bank saw significant growth in earnings and volumes. Across all business divisions, operating income increased by 7.8 % to CHF 703 million in the reporting year.

Migros Bank successfully launched Migros’ new Cumulus credit card in 2022. Thanks to the new cardholders, its customer base grew significantly to more than one million customers (+26.6 %).


customers in total

Growth in customer deposits

Customer deposits also increased considerably to CHF 44.3 billion (+5.3 %), reflecting the high level of confidence that Migros Bank enjoys among customers. At the same time, customer loans increased by 8.4 % to CHF 48.8 billion.

Net interest income rose by 6.4 % to CHF 513 million. Commission income increased by 8.9 % to CHF 126 million, partly due to the growth in asset management and investment funds, as well as the card business. The latter benefited from increased travel after the pandemic and use of cards abroad.

This increase in travel and tourism also resulted in higher trading income (+6.4 % to CHF 49 million) thanks in particular to additional income from foreign currency exchange. After accounting for extraordinary items, total profit amounted to CHF 703 million (+7.8 %).

5.3 %

increase in customer deposits

Investments in core business

Migros Bank used its strong financial position to make targeted investments in expanding its core business in the reporting year. Operating expenses amounted to CHF 387 million (+13.0 %). This included substantial investments in expanding the card business in connection with the Cumulus credit card and other payment cards. Further investments were made in the sales channels, including a capacity expansion in the customer centre and the introduction of a new video consultation system.

Contribution towards social commitment

After taking into account depreciation and provisions, operating income amounted to CHF 292 million. Profit after taxes was at about the previous year’s level, coming in at CHF 240 million after deduction of a significant contribution to the Migros Pioneer Fund. The Pioneer Fund enables Migros Bank to support pioneering projects in the areas of climate-neutral society, collaborative innovation and people and digitalisation. Together with other Migros Group subsidiaries, Migros Bank donates a substantial amount to the Pioneer Fund each year.

Strategically well-positioned

The general conditions will remain challenging in the current year. In addition to the uncertainty created by geopolitical tensions, the energy shortage and supply chain disruptions, it remains to be seen how consumers and businesses will cope with persistently high inflation and growing economic risks. Migros Bank is strategically well positioned to overcome these challenges, thanks to investments made in 2022 in expanding the core business and launching the new Cumulus credit card.

Financial results Financial Services

in CHF million



Change in %

Net revenue from goods and services sold



12.2 %

Income from financial services



9.3 %

Other operating income



–100.0 %

Total income



9.1 %

Earnings before financial income and taxes



23.7 %

Segment assets




Investments in long-term assets








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