The Cantonal bank of Uri closed 2024 with an annual profit of 20.6 million Swiss francs. Compared to the previous year, this is a decrease of 8.0 percent.

The bank once again achieved a very good annual result and clearly exceeded its growth targets, the bank wrote in a press release on Thursday.

Operating income rose by 1.8 percent to 51.7 million francs. Operating income, on the other hand, weakened from 51.1 million francs to 50.6 million francs, a decrease of 1.0 percent. The bank cites adjustments for default risks amounting to 1.2 million francs as the reason for this, following a reversal of 0.3 million francs in the previous year.

The interest business accounts for around 80 percent of the bank's income. Net income from the interest business fell by 1.9 percent to 40.1 million fracns. Net income from the commission and services business amounted 7.9 million francs, which is an increase of 3.0 percent. Net income from trading and the fair value option amounted to 1.6 million francs, which is an increase of 23 percent.

More Client Assets and Higher Costs

Customer deposits recorded growth of 270 million francs or 13 percent to 2.35 billion francs. Customer loans rose by 160 million francs or 5.2 percent to 3.23 billion francs.

On the cost side, operating expenses rose by 4.2 percent to 27.0 million francs. Major investments were again made in the digitalization of the bank as well as new services and products, according to the statement.

10 million francs of the profit will be distributed to the canton of Uri, compared to 8.5 million francs in the previous year.

For 2025, KB Uri has set itself the goal of continuing its strategy of «careful and sustainable growth». This would include the development of new business areas and further digitalization.