Numbers at a glance
The Banque Cantonale of Fribourg increased its profit by 1,0 % to reach CHF 163,8 million.
Balance Sheet
Balance sheet
| 2024 | 2023 | Change as % | |
|---|---|---|---|
| Total assets | 28'700'190 | 27'960'449 | +2,6 |
| Advances to customers | 23'510'029 | 22'674'544 | +3,7 |
| Financial investments | 1'425'603 | 1'461'574 | -2,5 |
| Customer deposits | 16'983'336 | 16'507'088 | +2,9 |
| Equity (after repartition) | 2'627'821 | 2'499'146 | +5,1 |
In 2024, the balance sheet total rose by CHF 0.7 billion or 2.6% to CHF 28.7 billion.
This was primarily attributable to the strong growth in advances to customers of CHF 0.8 billion or 3.7%. Mortgage loans alone rose by CHF 0.8 billion to CHF 19.8 billion.
New credit limits totaled CHF 2.8 billion.
Customer deposits in all forms rose by CHF 0.5 billion to CHF 17 billion.
Cash Flow and equivalents
According to Article 13 et ff. of the Ordinance to the Federal Act on the Swiss National Bank (OBN) of March 18, 2004, the average monthly liquidity requirement for the reference period from December 20, 2024, to January 19, 2025, amounts to CHF 462.9 million. In December 2024, the daily average for that period shows a balance of CHF 3,418.4 million, which is CHF 2,955.5 million above the required amount.
In terms of liquidity reserves, the short-term liquidity ratio (LCR) based on the Basel III agreement is 191%, well above the regulatory limit of 100%.
Balance sheet overview 2014 – 2024
Assets
Receivables from banks, consisting mainly of short- and medium-term deposits placed with investment-grade banks, amounted to CHF 0.1 billion.
At the end of 2024, as at the end of 2023, the balance sheet contains no receivables from securities financing transactions (reverse repo).
Advances to customers, less value adjustments for default risks, increased by CHF 0.8 billion to CHF 23.5 billion (+3.7%).
Mortgage loans rose by CHF 0.8 billion to CHF 19.8 billion (+4.4%). Other amounts due from customers amount to CHF 3.7 billion.
Assets breakdown in %
The significant increase in advances to customers demonstrates BCF’s strong support for the economy of the Canton of Fribourg, particularly for SMEs and the real estate market, while practicing sound risk management.
Financial investments amounted to CHF 1.4 billion. They include securities acquired for investment purposes and as a cash reserve (over 99%), precious metals stocks and real estate held for resale.
Tangible fixed assets, consisting mainly of buildings used by the Bank, are recorded in the balance sheet at CHF 80.6 million, after depreciation.
Liabilities
On the liabilities side, total liabilities to banks remained stable at CHF 1.2 billion.
At the end of 2024, BCF had no receivables from securities financing transactions.
Customer deposits rose from CHF 0.5 billion to CHF 17 billion.
Cash bonds increased by 19% to 0.4 billion.
Total borrowings and loans from the central mortgage bond institution amounted to CHF 7.6 billion. In 2024, the Bank issued two new bonds of CHF 250.0 million and subscribed to the various issues of the Pfandbriefzentrale Schweizer Kantonalbanken for a total amount of CHF 520.0 million. During the same period, CHF 363.0 million of the Pfandbriefzentrale Schweizer Kantonalbanken were repaid and CHF 150.0 million of the bonds were repaid.
Provisions comprise amounts to hedge the Bank’s operational risks and value adjustments for default risks on off-balance-sheet liabilities. They amounted to CHF 19.111.8 million, compared to CHF 19.1 million.
The reserves for general banking risks, considered as equity capital, were increased by an allocation of CHF 63.0 million. They amount to CHF 782.0 million.
Liaibilities breakdown in %
Income Statement
BCF is achieving an increase in an exercise described as excellent. This record result allows BCF to pay the Canton CHF 98 million, CHF 23 million more than the previous year. Taking into account taxes, the canton, municipalities and parishes receive a total of CHF 107.9 million.
These results also enable BCF to strengthen its equity base and allocate CHF 63.0 million to reserves for general banking risks and CHF 61 million to the retained earnings reserve.
This confirms BCF’s strong market position by offering a local service and decisive and sustainable support to the Canton economy, while at the same time achieving very good operational profitability.
Breakdown of operating revenues in %
Operating income
Total operating income increased by CHF 24.2 million to CHF 394.7 million (+6.5%).
Interest operations
Net interest income rose by CHF 14.1 million to CHF 336.5 million (+4.4%).
This result, driven by the growth in advances to customers, is also influenced by the favourable change in value adjustments for default risk and losses related to interest operations, amounting to CHF 15.1 million, compared with CHF 28.5 million the previous year.
The share of interest income represents 85% of the total operating income.
Commissions and service operations
The result of commission, wealth management and service operations, progresses substantially of CHF 3.1 million to CHF 42.4 million (+7.9%).
Trading operations
Income from trading operations, which is mainly composed of income from foreign exchange and precious metals, progresses of CHF 0.9 million to CHF 11.7 million (+7.8%).
Other ordinary results
The other ordinary results show income of CHF 4.1 million, compared with excess of expenses of CHF 2.0 million the previous year.
Operating expenses
Operating expenses total CHF 131.6 million, an increase of CHF 4.9 million (+3.9%). Provided for in the budget, they once again emphasise BCF’s willingness to invest in the future. With this in mind, it has increased its workforce and continued to modernise its head office and branch network, as well as investing in innovation projects, digitalisation and process simplification.
The cost-to-income ratio after depreciation was 35.3%, confirming the Bank’s effectiveness.
Breakdown of operating expenses in %
Results
Value adjustments on participations, amortisation on tangible assets and intangible assets
Depreciation of tangible fixed assets and value adjustments on investments totaled CHF 26.7 million, compared with CHF 10.2 million the previous year, an increase of CHF 16.5 million.
Changes in provisions and other value adjustments, losses
Changes in provisions, other value adjustments and losses have no impact on the 2024 operational result.
Operating income
Operating income reached CHF 236.5 million, an increase of CHF 12.3 million (+5.5%).
Taxes
The municipalities received CHF 4.1 million, the parishes CHF 0.5 million and the Canton CHF 5.3 million.
Profit for the year
After an allocation of CHF 63.0 million to the reserves for general banking risks, profit amounted to CHF 163.7 million, an increase of CHF 2.2 million or +1.3%.
Development of results 2014 – 2024
Breakdown of profit
At their meeting pm 31 January 2025, the Board of Directors has decided on the presented financial statements. It recommends the following appropriation of profit and distributions :
Breakdown of profit
| Profit for the year | 163'674'530 |
|---|---|
| Retained earnings | 146'230 |
| Profit shown on the balance sheet | 163'820'761 |
| Breakdown of profit | |
| Compensation for the State guarantee | 30'000'000 |
| Remuneration of the endowment capital | 48'000'000 |
| Extraordinary payment to the State | 20'000'000 |
| Allocation to reserve fund | 61'000'000 |
| Retained earnings | 4'820'761 |
Evolution of the annual payment (including taxes) to the State 2014 – 2024
The Bank expresses its gratitude to its loyal clientèle for their trust. It is committed to continuously improving the quality of its services.
On behalf of the Board of Directors: A. Geissbühler, Chairman
On behalf of the Executive Board: D. Wenger, Chairman