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Swiss banks have largely missed the cryptocurrency boom, with many institutions hesitant to embrace Bitcoin and other digital assets. While some cantonal banks and Postfinance offer direct purchases, most banks, including UBS and Pictet, remain skeptical, relegating crypto to indirect investments like ETFs. Despite a significant interest among Swiss investors, particularly the younger demographic, many still prefer to buy cryptocurrencies from foreign platforms.
LUKB reported a net income of 216 million francs for the first nine months of 2024, a 9.1% increase year-on-year, bolstered by the sale of its real estate division. Customer loans rose to 42.98 billion francs, driven by high demand for corporate loans, while operating profit increased by 5% to 237.1 million francs. Looking ahead, the bank aims for significant growth in net new money and non-interest income by 2025, despite anticipated lower interest income.
Lucerne Cantonal Bank (LUKB) reported a 9.1% increase in net income to 216 million francs in the first nine months of 2024, bolstered by strong loan demand and an extraordinary gain from the sale of its real estate division. Despite a decline in trading income, operating profit rose by 5% to 237.1 million francs, with customer loans reaching 42.98 billion francs. Looking ahead, LUKB aims for significant growth in net new money and non-interest income by 2025, while maintaining a cost-income ratio below 50%.
Inflation in Switzerland slowed to 0.8% year-on-year in September, down from 1.1% in August, driven by a significant drop in tariffs for imported goods. The consumer price index fell by 0.3% month-on-month, raising concerns about potential deflation as local product prices rose and housing rents continued to increase. The Swiss National Bank has lowered its key rate to 1% and indicated that further monetary easing may be necessary amid geopolitical tensions and a strong franc.
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wiss banks struggle to embrace cryptocurrency amid growing investor interest
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