Half Year 2024 Cembra Money Bank AG Earnings Call Transcript
Key Points
- Net income increased by 4% to CHF78.3 million.
- Revenues grew by 6%, driven by strong performance in payments and cards.
- Cost-income ratio improved, with a target to reduce it further by 2026.
- Successful launch of a digital retail savings product with positive market response.
- Strong Tier 1 capital ratio of 17.1%, indicating robust capitalization.
- Loss provisions increased to CHF35.2 million, reflecting post-COVID normalization.
- Buy now pay later business remained flat due to portfolio cancellations.
- Interest expense increased by CHF23 million, partially offsetting revenue gains.
- Personnel expenses rose by 2%, with restructuring costs impacting the cost-income ratio.
- Loan loss provisions are expected to remain around 1%, slightly higher than previous targets.
Good morning, everyone. Great to be here, and thank you for joining us for the presentation of the first half 2024 results. Here with our CFO, Pascal Perritaz; our Chief Risk Officer, Volker Gloe. And as usual, we will walk you through the presentation and then look forward to taking your questions.
Let me start with our central messages. So look, overall we're pleased for the first half results. Both income and revenue came in strong at plus 4%, plus 6% increase respectively. That's of course on the back of repricing activity that we continued better fee income and selective growth measures across the portfolio. It's also a testament that the new segment based organization, which we introduced beginning of the year in lending with the personal loans and auto and payments with cards and buy now pay later. It's in place operation delivering.
We're very excited about the role of leading platform in our core banking platform upgrade the complex. And so this really is a key milestone in our
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