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Luzerner Kantonalbank (LUKB) reported a record net profit of CHF 286.6 million for 2024, an 8% increase, driven by growth in customer business and net interest income rising by 5.1% to CHF 444 million. Operating expenses also rose by 8.4%, while the bank aims for a consolidated profit of CHF 265-285 million in 2025. The canton of Lucerne will receive a profit distribution of CHF 79.3 million.
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 (LUKB) is set to become the first traditional bank in Switzerland to offer cryptocurrency deposit and delivery services starting October 1, 2024. Customers will be able to transfer Bitcoin and Ethereum to their securities accounts, with the service being rolled out in stages. This initiative follows increasing customer demand for crypto transactions via e-banking and expands LUKB's existing cryptocurrency trading and custody offerings.
Luzerner Kantonalbank's share price has been on a downward trend for several years. CFO Marcel Hurschler addressed the media in Lucerne, discussing potential reasons for this decline and outlining possible countermeasures to stabilize the situation.
The share price of Luzerner Kantonalbank has been on a continuous decline, raising concerns among shareholders. Chief Financial Officer Marcel Hurschler has addressed the situation, discussing potential reasons for the drop and outlining possible countermeasures to stabilize the stock.
Luzerner Kantonalbank (LUKB) has expanded its crypto services, adding Chainlink and Polygon to its offerings, which already included Bitcoin, Ethereum, and USD Coin. Starting October 1, customers can transfer cryptocurrencies from other wallets to their LUKB accounts, with free transfers in and a fee for outgoing transactions. This move positions LUKB as a leading player in the cryptocurrency market, enhancing its appeal to investors.
Luzerner Kantonalbank (LUKB) is set to become the first traditional Swiss bank to offer deposit and delivery services for cryptocurrencies, starting October 1, 2024. Initially supporting Bitcoin and Ethereum, the bank will also allow transfers from other wallets to its custody accounts. LUKB aims to enhance its crypto offerings while ensuring security through ISAE 3000-certified infrastructure.
Marcel Hurschler
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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