Operating performance also improved markedly. Operating profit rose 14.7 percent year-on-year to 185.5 million Swiss francs, while total operating income increased 8.6 percent to 433.8 million Swiss francs.

Interest Business Remains Main Earnings Driver

The interest business remained the bank's largest source of income. Net interest income increased 9.8 percent to 319.4 million Swiss francs, supported by lower refinancing costs and a reduced need for valuation adjustments.

Customer loans edged up 0.2 percent from the end of 2025 to 51.6 billion Swiss francs, while customer deposits increased 0.4 percent to 46.1 billion Swiss francs. Of these, 37.4 billion Swiss francs were held in personal, savings and pension accounts.

Credit risks remained stable despite geopolitical and economic uncertainties. CEO Manuel Kunzelmann attributed this partly to the bank's conservative risk policy and diversified loan portfolio. In corporate banking, Migros Bank focuses primarily on small and medium-sized companies with a predominantly domestic business.

Investment Business Gains Momentum

The investment business recorded particularly strong growth. Commission income increased 10.2 percent to 67.5 million Swiss francs, while the volume of discretionary asset management mandates expanded by 10.9 percent during the first half.

The development provides an early indication of the impact of the «Strategy 2030» launched at the beginning of the year. One of its priorities is to strengthen wealth advisory and pension services as Migros Bank seeks to further expand investment-related revenues.

Costs Kept Under Control

While revenues increased strongly, operating expenses declined slightly, falling 0.5 percent to 220.9 million Swiss francs. The cost-income ratio consequently improved to 50.1 percent.

At the same time, Migros Bank continues to invest in its client channels. As part of «Strategy 2030», the bank is rolling out a new branch concept designed to more closely integrate digital services with personal advice at its physical locations.