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Savings interest rates are declining once again, with the Appenzeller Kantonalbank reducing its rate to 0.2 percent. This trend follows a brief increase and aligns with the recent adjustments in the Swiss National Bank's key interest rates, affecting banks across Eastern Switzerland.
Appenzeller Kantonalbank reported a record profit of CHF 12.3 million for 2024, marking a 0.5% increase from the previous year. The bank experienced solid growth in mortgages, with loans rising by 4.9% to CHF 3.69 billion, and customer deposits increasing by 4.4% to CHF 3.4 billion. Total assets reached CHF 4.4 billion, reflecting a 4.6% growth year-on-year.
Appenzeller Kantonalbank (APPKB) reported a net operating profit of CHF 24.0 million for 2024, a slight increase of 0.3% from the previous year. The bank's mortgage lending remained a key income source, with net interest income rising by 4.7% to CHF 39.9 million, while operating expenses grew by 11% due to investments in growth and digitalization. Customer deposits increased, contributing to a balance sheet total of CHF 4.36 billion, up 4.6% year-on-year.
Appenzeller Kantonalbank reported a record profit of 12.3 million francs, a 0.5% increase from the previous year, with operating income rising 4.9% to 49.4 million francs. Growth was primarily driven by the mortgage business, which saw a 4.7% increase, while customer deposits grew by 4.4% to 3.4 billion francs. Despite a rise in operating expenses by 11%, the bank's balance sheet total increased by 4.6% to 4.36 billion francs.
Appenzeller Kantonalbank reported a record profit of CHF 12.3 million for the 2024 financial year, a 0.5% increase from the previous year. Operating income rose by 4.9% to CHF 49.4 million, driven by a 4.7% growth in the mortgage business, which now totals CHF 3.5 billion. Customer deposits increased by CHF 143 million, bringing the total to CHF 3.40 billion, while the balance sheet total grew by 4.6% to CHF 4.36 billion.
Appenzeller Kantonalbank achieved its best annual result since 1900, posting a net income of CHF 24 million, slightly surpassing the previous year's record. Key earnings pillars, including loans and customer deposits, saw growth, with total assets rising to nearly CHF 4.4 billion. The bank plans to distribute CHF 7.5 million to the canton of Appenzell Innerrhoden while continuing to invest in growth and digitalization.
APPKB achieved its best annual result since 1900, with net operating income of CHF 24 million, slightly surpassing the previous year's record. Key earnings pillars, including loans and customer deposits, showed growth, with gross interest income rising by 4.7% to CHF 39.9 million and customer deposits increasing by CHF 143 million to CHF 3.4 billion. The bank's mortgage business grew by 4.8% to CHF 3.5 billion, and commission income from securities and investment rose by 7.7% to CHF 4.8 million, reflecting its strengthening position in the market.
Appenzeller Kantonalbank (APPKB) will adjust interest rates on individual accounts effective February 1, 2025, following a significant 0.5 percentage point reduction in the key interest rate by the SNB in December 2024. Savings and youth accounts will see a decrease of 0.2 percent, with children, young people, and students now earning 0.5 percent on balances up to CHF 20,000, down from 0.7 percent.
Appenzeller Kantonalbank has been recognized as the top bank for private customers in Eastern Switzerland, according to a survey by "Statista" and "Handelszeitung." Additionally, it ranked second for customer service nationwide. Director Ueli Manser attributes this success to the bank's straightforward product offerings and commitment to excellent service, reflecting strong customer confidence.
Appenzeller Kantonalbank (APPKB) has been recognized as the best bank for private customers in Eastern Switzerland, according to a Statista survey in collaboration with "Handelszeitung." The bank also secured the second-best customer service ranking in Switzerland, reflecting its commitment to a straightforward product range and exceptional service. Director Ueli Manser expressed gratitude for the awards, viewing them as a strong endorsement from customers.
Appenzeller Kantonalbank
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