Information on the income statement

10 Information on the income statement

10.2 Result from commission business and services

Amounts in 1,000 Swiss francs	2025	2024	Change
Fund business	41,619	37,813	3,806
Asset management	23,350	19,301	4,049
Investment advisory	27,957	24,829	3,128
Adminsitration fee / custodian fee	15,349	15,140	210
Brokerage fees	13,282	10,992	2,290
Trust accounts	166	220	– 53
Other securities and investment business	2,770	2,926	– 156
Commission income from securities trading and investment activities	124,494	111,221	13,273
Commission income from lending activities	4,086	3,704	382
Card revenues	15,225	14,736	490
Account management fees	9,337	9,401	– 65
Safe deposit box rentals	1,197	1,157	41
Other service business	3,348	3,124	224
Commission income from other services	29,107	28,418	689
Commission expense	– 14,464	– 13,231	– 1,233
Total result from commission business and services	143,223	130,111	13,112

10.1 Result from interest operations

Interest and discount income

Amounts in 1,000 Swiss francs	2025	2024	Change
Interest income due from banks	6,066	4,977	1,089
Interest income from loans to customers	614,496	718,742	– 104,246
Other interest income	13,471	111,072	– 97,601
Credit commissions	5,463	6,024	– 561
Refinancing income from trading positions	1,708	4,097	– 2,388
Result from interest-rate hedging and other derivative transactions	80,465	116,820	– 36,354
Negative interest on lending business	– 14	0	– 14
Total interest and discount income	721,655	961,731	– 240,075

Interest and dividend income from financial investments

Amounts in 1,000 Swiss francs	2025	2024	Change
Interest income from financial investments	39,571	34,983	4,589
Dividend income from financial investments	13,165	11,390	1,775
Total interest and dividend income from financial investments	52,736	46,372	6,364

Interest expense

Amounts in 1,000 Swiss francs	2025	2024	Change
Interest expense due to banks	75,953	176,002	– 100,049
Interest expense due in respect of customer deposits	66,959	201,661	– 134,702
Interest expense due in cash bonds	2,464	3,181	– 717
Interest expense from bond issues and central mortgage institution loans¹⁾	152,982	156,539	– 3,557
Other interest expense	1,169	11,620	– 10,450
Negative interest on deposit-taking business	– 747	0	– 747
Total interest expense	298,780	549,002	– 250,222

1)The interest expense from structured products recognised under 'Bond issues and central mortgage institution loans' is reported in the line 'Interest expense from bond issues and central mortgage institution loans'.

Changes in value adjustments for default risk and losses from interest operations

Amounts in 1,000 Swiss francs	2025	2024	Change
Specific value adjustment on customer loans	12,971	9,083	3,889
Specific value adjustment on banks	0	0	0
Lump-sum specific value adjustment	213	304	– 91
Credit-related specific value adjustment to financial investments	– 1,319	2,469	– 3,788
Losses	0	24	– 24
Total for default risks on impaired loans / financial investments	11,866	11,880	– 14
Value adjustments for inherent default risks	5,648	3,245	2,403
Total for inherent default risks	5,648	3,245	2,403
Total changes in value adjustments for default risk and losses from interest operations	17,514	15,125	2,389

10.3 Result from trading activities and the fair value option

Result from trading activities, by sector

Amounts in 1,000 Swiss francs	2025	2024	Change
Client trading	27,811	26,015	1,796
Proprietary trading	48,165	30,488	17,677
Total result from trading activities and the fair value option	75,976	56,503	19,473

Result from trading activities, by risk

Amounts in 1,000 Swiss francs	2025	2024	Change
Foreign currencies / precious metals / cryptocurrencies	40,302	36,215	4,088
Equity securities (incl. funds)	27,453	27,679	– 226
Fixed income instruments (including funds)	9,929	– 3,294	13,223
Refinancing income	– 1,708	– 4,097	2,388
Total result from trading activities and the fair value option	75,976	56,503	19,473

Hedging transactions for self-issued structured products that are measured using the fair value option and entered under ‘Liabilities from other financial instruments at fair value’ are recognised at fair value on the assets side of the trading business. The corresponding result is included in the total ‘Result from trading activities and the fair value option’. Separate recognition of income from applying the fair value option only to liabilities is not meaningful, which is why it is not used.

10.4 Personnel expenses

Amounts in 1,000 Swiss francs	2025	2024	Change
Salaries and benefits	176,115	167,867	8,248
of which: expenses related to share-based compensation	5,016	4,694	322
Social security contributions (OASI/IV/UI, etc.)	11,509	11,104	405
Pension expenses	20,619	19,885	735
Training and continuing education	2,179	2,100	79
Other personnel expenses	7,983	8,036	– 53
Total personnel expenses	218,405	208,991	9,414

10.5 General and administrative expenses

Amounts in 1,000 Swiss francs	2025	2024	Change
Office space expenses	6,504	5,868	636
Expenses for information and communications technology	49,531	46,535	2,996
Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses	883	971	– 87
Fees of audit firms	769	749	20
of which, for financial and regulatory audits	706	625	81
of which, for other services	62	124	– 62
Other operating expenses	39,083	32,647	6,436
Total general and administrative expenses	96,771	86,770	10,001

10.6 Value adjustments in participations and depreciation and amortisation of tangible fixed assets and intangible assets

Amounts in 1,000 Swiss francs	2025	2024	Change
Value adjustments on participations	1,423	720	703
Depreciation on bank buildings	8,358	8,435	– 77
Depreciation on other real estate	404	396	8
Depreciation on other tangible fixed assets	20,164	19,363	801
Total value adjustments on participations and depreciation and amortisation of tangible fixed assets and intangible assets	30,349	28,913	1,436

10.7 Changes to provisions and other value adjustments

Amounts in 1,000 Swiss francs	2025	2024	Change
Provisions for default risks	– 189	– 3,345	3,156
of which for probable obligations (in accordance with Art. 28 para. 1 FINMA AO)	– 763	– 3,345	2,582
of which provisions for inherent default risks	574	0	574
Provisions for other risks	678	634	44
Total changes to provisions and other value adjustments and losses	488	– 2,711	3,199

10.8 Extraordinary income

Amounts in 1,000 Swiss francs	2025	2024	Change
Income from sale of participations	212	31,580	– 31,368
Total extraordinary income	212	31,580	– 31,368

10.9 Extraordinary expenses

Amounts in 1,000 Swiss francs	2025	2024	Change
Losses from disposal of participations	0	0	0
Total extraordinary expenses	0	0	0

10.10 Changes in reserves for general banking risks

Amounts in 1,000 Swiss francs	2025	2024	Change
Changes in reserves for general banking risks	0	25,000	– 25,000
Total changes in reserves for general banking risks	0	25,000	– 25,000

10.11 Taxes and tax rate

Amounts in 1,000 Swiss francs	2025	2024	Change
Current income taxes	35,127	30,860	4,268
Current capital taxes¹⁾	3,364	6,852	– 3,488
Total current taxes	38,491	37,711	780
Deferred taxes	0	0	0
Total expenses for taxes	38,491	37,711	780
Provisions for deferred taxes	0	0	0
Weighted average tax rate (based on operating profit)	11.5 %	11.9 %	– 0.3 %

1)Due to the reduction of the ordinary capital tax rate in the Canton of Lucerne from 0.5 per mille to 0.25 per mille starting from tax year 2025, the respective tax expense decreased accordingly.

Deferred tax assets and liabilities are netted for each taxable entity. The predominant deferred tax assets of a tax entity are only capitalised if their realisation can be foreseen. However, predominantly deferred tax liabilities are always reported.

10.12 Earnings per share

	Registered shares
Amounts in 1,000 Swiss francs	31.12.2025	31.12.2024
Consolidated profit	295,497	286,642
Net profit after taxes	295,497	311,642
Outstanding participation rights
Average time-weighted number of shares	49,474,029	49,330,079
Earnings per share
Consolidated profit undiluted / diluted	5.97	5.81
Net profit after taxes undiluted / diluted	5.97	6.32