Banks Sparkasse Schwyz with a slight decline in profits in the first half of the year

Sparkasse Schwyz earned slightly less in the first half of 2024. However, both customer loans and customer deposits grew slightly.

According to a press release issued on Tuesday, operating income fell by 3.3 percent to 7.5 million francs and half-year profit by 2.7 percent to 2.9 million francs.

Meanwhile, net income in the interest business, the bank's most important earnings pillar, rose by 2.0 percent to 12.5 million francs, contributing around three quarters of the operating income of 16.4 million francs (+0.8%). Interest expenses rose significantly and more than doubled by the middle of the year, according to the press release.

At 2.6 million francs, net commission and service income exceeded the previous year's result by 6.4 percent. At 0.8 million francs, net trading income was 5.3 percent below the previous year's figure.

According to the figures, customer loans increased by 2.3 percent to 1.78 billion francs at mid-year, while customer deposits rose by 1.7 percent to 1.62 billion francs. Total assets amounted to CHF 2.14 billion (+2.6%) at mid-year.

At CHF 8.0 million, operating expenses in the first half of the year were 3.9% higher than in the previous year and therefore rose significantly more than income. According to the bank, personnel expenses rose slightly more than operating expenses.

Founded in 1812, the bank employs around 67 staff (adjusted for part-time working) at its locations in Schwyz, Nidwalden and Obwalden. It is also planning to open a branch in Altendorf at the end of the year.

SDA