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Luzerner Kantonalbank (LUKB) reported a net profit of CHF 216 million for the first nine months of 2024, a 9.1% increase year-on-year, bolstered by strong loan demand and extraordinary income from the sale of the Fundamenta Group's real estate division. Despite a decline in trading results, net interest income rose by 4.7%, and client assets grew by 4.7% to CHF 39.47 billion. Looking ahead, LUKB aims for continued growth, targeting over CHF 1 billion in new money for 2025 and credit growth between 2.00% and 3.75%.
Luzerner Kantonalbank (LUKB) reported a strong performance in the first nine months of the year, with customer advances rising 3.0% to CHF 42.98 billion and net profit increasing 9.1% to CHF 216.0 million, bolstered by the sale of its stake in Fundamenta. Despite a decline in trading revenues, the bank's operating income grew by 5.7% to CHF 483.5 million, and management aims for a profit target of CHF 270 to 280 million for 2024, focusing on enhancing non-interest income and loan growth.
Luzerner Kantonalbank (LUKB) reported a 9.1% increase in consolidated profit to CHF 216 million for the first nine months of the year, aided by extraordinary income from real estate sales. The bank aims for growth targets by 2025, including over CHF 1 billion in new investment business and non-interest income of at least CHF 215 million, amid a challenging interest rate environment. Despite rising costs and a higher headcount, LUKB maintains a low cost/income ratio of 46.1%.
Luzerner Kantonalbank (LUKB) reported a 9.1% increase in consolidated profit to CHF 216 million for the first nine months of 2024, aided by CHF 32.3 million from the sale of its real estate division. Despite rising costs and a challenging interest rate environment, net income from the interest business rose by 4.7% to CHF 328 million. Looking ahead, LUKB aims for significant growth targets for 2025, including over CHF 1 billion in new money for its investment business and non-interest income of at least CHF 215 million.
Luzerner Kantonalbank, with a market capitalization of CHF 3.24 billion, offers a stable dividend yield of 3.8% backed by a low payout ratio of 46.5%. Recent earnings growth of 15.8% enhances its appeal, despite trading below estimated fair value. The Swiss market's slight downturn highlights the attractiveness of dividend stocks for reliable income amid volatility.
Reto Schiltknecht, a banking expert and former Finma official, has identified Luzerner Kantonalbank as a cluster risk for the canton of Lucerne. He emphasizes the need for the bank to develop an emergency plan to mitigate potential risks.
Reto Schiltknecht, a banking expert, warns that Luzerner Kantonalbank poses a cluster risk for the canton of Lucerne and suggests the development of an emergency plan to mitigate potential issues. This highlights the need for proactive risk management in the region's banking sector.
Neon, Yuh, and Zak lead the Consumer Bank Ranking Switzerland 2024, scoring 72.9, 71.5, and 64.1 points respectively, reflecting high customer satisfaction among neobanks. Traditional banks like Raiffeisen and Zürcher Kantonalbank are favored by women, while younger individuals still lean towards traditional banking options.
Luzerner Kantonalbank (LUKB) shares have been in a downward trend, dropping over 41% from their 2018 peak of 109.37 Swiss francs to 64.70 francs as of September 2024. Despite an improved earnings forecast of 270-285 million Swiss francs for 2024, the bank faces challenges due to falling interest rates and increased competition from larger firms. To counteract this trend, LUKB is engaging with institutional investors and considering measures like share buybacks and a potential dividend increase.
Luzerner Kantonalbank has demonstrated steady dividend growth over the past decade, supported by a manageable payout ratio of 46.5% and a net profit of CHF 144.73 million in the first half of 2024. With a dividend yield of 3.89%, it remains a stable option for investors, despite being below the top Swiss payers. Recent valuations suggest potential undervaluation of its shares in the market.
Luzerner Kantonalbank AG
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