With a profit of CHF 282 million, Migros Bank posted the second-best result in its history in 2024. Customer deposits increased to CHF 46 billion.
As in 2023, Migros Bank again successfully expanded its core business in 2024. In the reporting year, customer lending exceeded the 50 billion mark for the first time (+1.3 % to CHF 50.6 billion).
customers in total
Customer deposits (including medium-term bonds) increased by 2.3 % to CHF 45.7 billion. This growth reflects the customer confidence in the financial stability of Migros Bank. With a total capital ratio exceeding 20 %, Migros Bank was again one of Switzerland’s most financially robust retail banks in the reporting year.
The favourable interest rates for customer deposits also contributed to the growth. Migros Bank only partially followed the reductions in key interest rates with its account interest rates in 2024.
in customer loans (in CHF)
The decision not to fully follow the fall in market interest rates was a factor in the 6.6 % decrease in net interest income to CHF 599 million. The increase in minimum reserve requirements by the Swiss National Bank (SNB) and the loss of interest on these reserves also had a negative impact.
Conversely, net commission income rose by 15.1 % to CHF 125 million. The increase was attributable to the investment segment, where customer deposits grew by 7.2 %. to CHF 16.9 billion. The card business with the growing Cumulus credit card portfolio also performed well.
The total customer base of Migros Bank grew to around 1.2 million in 2024 (+5.4 %).
Operating expenses increased to CHF 425 million (+3.0 %) in 2024. After depreciation and provisions, operating income amounted to CHF 341 million (–11.0 %). After taxes, profit came in at CHF 282 million (–10.0 %). This was Migros Bank’s second-best result in its history.
The profit is calculated after deduction of a contribution of around CHF 6 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.
The general conditions will remain challenging in the current year, particularly in relation to the economic risks for export-oriented Switzerland and the ensuing monetary policy implications. Migros Bank closely monitors economic developments and their impact on consumers and companies. With its strong capital base and broad customer base throughout Switzerland, Migros Bank is strategically and financially well-positioned to be able to guarantee its customers continued reliability and stability.
|
in CHF million |
2024 |
2023 |
Change in % |
|
Net revenue from goods and services sold |
14 |
12 |
11.5 % |
|
Income from financial services |
1’340 |
1’245 |
7.6 % |
|
Other operating income |
2 |
9 |
–77.6 % |
|
Total income |
1’355 |
1’267 |
6.9 % |
|
Earnings before financial income and taxes |
342 |
376 |
–9.0 % |
|
Segment assets |
60’745 |
58’650 |
|
|
Employees |
1’983 |
1’958 |
|