Switzerland’s Graubündner Kantonalbank (GKB) reported its strongest half-year result on record, posting net income of CHF 137.2 million for the first six months of 2025. The bank attributed the gain to broad-based revenue growth across its core businesses.
Total operating income rose 11.2% to CHF 286.3 million, supported by a 9.3% increase in net interest income despite margin pressure and a 13.5% rise in commission and service income. Fee-based revenue now accounts for 40.1% of total income, up from prior levels. The cost-to-income ratio remained stable at 46.8%, reflecting continued efficiency.
GKB chief executive Daniel Fust highlighted the bank’s positioning as a regional leader in lending, asset management and wealth planning. “The strong operational performance underscores the resilience and robustness of our business model,” he said in a statement. He noted that growth in loan volumes with both private and corporate clients reflected customer confidence and deep regional ties.
Capital adequacy remained robust, with equity totaling CHF 3.0 billion and the common equity tier 1 (CET1) ratio increasing by 20 basis points to 20.2%. On the back of the first-half performance, GKB upgraded its outlook and now expects full-year 2025 net income to exceed the prior year.
Gross business volume held steady at CHF 78.9 billion, with CHF 700 million in net new money attracted by the parent bank offset by outflows of CHF 1.0 billion from institutional clients of its BZ Bank subsidiary, largely due to market conditions.
The bank’s half-year report also disclosed a civil lawsuit filed in late April against BZ Bank, its former and current officers, and GKB itself. The claim relates to a client relationship and an investment product administered by BZ Bank, with the plaintiff alleging breaches of duty. The disputed amount is estimated in the mid-three-digit million range, though GKB has set aside provisions only for expected legal and procedural costs, not the claim itself. The bank denied the allegations and noted that a mediation attempt in June had failed. The plaintiff has been identified as Bündner investor Remo Stoffel.
GKB also announced governance changes at BZ Bank. Stefan Sigron will step down from the board at the end of September, with Michèle Hess joining from the GKB Bank Council. A new executive team is being formed under CEO Marc Schurter and fund chief Peter Rebsamen, while Thomas Kostkiewicz will take over as chief risk officer on September 1. CFO Dieter Göldi will leave the subsidiary as scheduled at the end of August. All appointments remain subject to approval by Swiss regulator Finma.
