The Thurgauer Kantonalbank (TKB) reported a profit of 158 million Swiss francs for 2024, compared to 159 million francs in the previous year. Operating income declined by 4.1 percent to 218.8 million francs, according to a press release issued on Thursday.

The interest business, the most important pillar of income, increased slightly despite falling interest rates. Gross interest income rose by 1.4 percent and net interest income 1.5 percent to 289.2 million francs.

Income from the commission and services business was 7.5 percent higher, while income from the trading business fell by a significant 27 percent.

Overall, the State Institute achieved a 1.5 percent lower operating income of 420.3 million francs.

Growth in Mortgages and Client Assets

In its core business, the granting of mortgages, the bank was able to further strengthen its leading position in the canton, the bank wrote. The mortgage volume increased by 1.4 billion francs. Das The total lending volume grew by 5.9 percent to 26.9 billion francs.

Net new money amounted to 363 million francs. Total client assets under management grew by 4.1 percent to 26.5 billion francs over the course of the year.

In term of costs, both material and personnel expenses were higher. At 192.5 million francs, combined expenses were 3.4 percent higher than in the previous year. TKB points to the numerous projects for the implementation of the corporate strategy as the reason for this. The cost/income ratio amounted to 44.6 percent after 42.5 percent in the previous year.

Higher Distribution

A 10-rappen increase to 3.40 francs per share has been proposed for the dividend. As a result, the canton of Thurgau would receive approximately 52.8 million francs. Including the fee for the state guarantee, taxes and other levies, the contribution to the public purse would amount to around 77 million francs, the statement continues.

For the current year, the bank expects another slightly lower net profit. The implementation of the strategy is on track.