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Reporting Academy
Strategic business units

Financial Services

Migros Bank continued to grow its business in 2023. Operating income across all divisions increased by 17.7 % to CHF 828 million.

Migros Bank grew its customer base by 10.9 % to 1.1 million customers in the reporting year. This was mainly by the sustained growth of the Cumulus credit card business.


customers in total

Solid equity base

With a total capital ratio exceeding 20 %, Migros Bank is one of Switzerland’s most financially robust retail banks. Thanks to this solid equity base, it was able to increase customer loans by 2.2 % to CHF 49.9 billion and customer deposits by 0.4 % to CHF 44.7 billion in the reporting year.

Interest-related operations were affected by the reversal in interest rates. In comparison with 2022, the Swiss National Bank raised its base rate considerably into positive territory, resulting in higher interest income on loans and higher interest expenses for customer deposits. Overall, net interest income increased to CHF 641 million (+25.0 %).

49.9 billion

in customer loans (in CHF)

Improved cost-income ratio

Other operating income fell slightly to CHF 186 million (–1.8 %). This was attributable to lower trading activity by customers due to market conditions, and the expansion of the Cumulus credit card portfolio. Operating income across all divisions amounted to CHF 828 million (+17.7 %). The cost-income ratio was 47.3 %, representing a further improvement on the already low ratio of 53.6 % in the previous year. This was driven in particular by the generally positive earnings situation and effective cost control.

Operating expenses rose to CHF 413 million (+6.7 %). The increase was caused by factors such as real wage growth, the launch of new advisory services and the expansion of the sales channels. In this context, internal workflows and processes were improved and the bank continued to invest heavily in customer-centric digitalisation. As a result, Migros Bank is now Switzerland’s most digital retail bank for private customers.

Contribution towards social commitment

After taking into account depreciation and provisions, operating income amounted to CHF 383 million (+31.3 %). This resulted in a profit of CHF 313 million (+30.3 %) after taxes and after deducting a contribution of around CHF 7 million to the Migros Pioneer Fund. The Pioneer Fund enables Migros Bank to support pioneering projects in areas such as a climate-neutral society and digitalisation. Together with other Migros Group subsidiaries, Migros Bank supports the Pioneer Fund with substantial donations each year.

Strategically well-positioned

The general conditions will remain challenging in the current year. In addition to geopolitical uncertainty, they will largely depend on developments in the general interest rate situation and the economic risks for consumers and businesses. With its strong capital base and broad presence throughout Switzerland, Migros Bank is strategically and financially well-positioned to continue to serve its customers as a reliable and stable bank.

Financial results Financial Services

in CHF million



Change in %

Net revenue from goods and services sold



–20.4 %

Income from financial services



50.9 %

Other operating income



1.3 %

Total income



49.3 %

Earnings before financial income and taxes



30.5 %

Segment assets




Investments in long-term assets








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