Information on the income statement

8 Information on the income statement

8.1 Result from the interest operations

Interest and discount income

Amounts in 1,000 Swiss francs	2025	2024	Change
Interest income due from banks	6,066	4,976	1,090
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	961,730	– 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	201,666	– 134,707
Interest expense due in cash bonds	2,464	3,181	– 717
Interest expense due in 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	549,008	– 250,228

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

8.2 Result from commission business and services

Amounts in 1,000 Swiss francs	2025	2024	Change
Fund business	1,190	1,538	– 348
Asset management	23,350	19,301	4,049
Investment advisory	27,957	24,829	3,128
Adminsitration fee / custodian fee	22,354	21,447	906
Brokerage fees	13,282	10,992	2,290
Trust accounts	166	220	– 53
Other securities and investment business	3,116	3,174	– 57
Commission income from securities trading and investment activities	91,415	81,500	9,915
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	3,051	297
Commission income from other services	29,107	28,345	762
Commission expense	– 14,263	– 13,067	– 1,196
Total result from commission business and services	110,345	100,482	9,863

8.3 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 (funds and structured products)	27,453	27,679	– 226
Fixed income instruments (including funds and credit derivatives)	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.

8.5 General and administrative expenses

Amounts in 1,000 Swiss francs	2025	2024	Change
Office space expenses	6,504	5,817	688
Expenses for information and communications technology	49,004	45,986	3,018
Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses	883	971	– 87
Fees of audit firms	606	580	26
of which, for financial and regulatory audits	544	456	88
of which, for other services	62	124	– 62
Other operating expenses	38,843	32,380	6,463
Total general and administrative expenses	95,840	85,734	10,107

8.4 Personnel expenses

Amounts in 1,000 Swiss francs	2025	2024	Change
Salaries and benefits	174,394	165,882	8,511
of which: expenses related to share-based compensation	5,016	4,684	332
Social security contributions (OASI, IV, UI, etc.)	11,390	10,968	422
Pension expenses	20,372	19,602	770
Training and continuing education	2,170	2,086	84
Other personnel expenses	7,934	7,973	– 39
Total personnel expenses	216,260	206,511	9,749

8.7 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

8.6 Extraordinary income

Amounts in 1,000 Swiss francs	2025	2024	Change
Gain on mergers¹⁾	75	0	75
Income from sale of participations	212	10,167	– 9,955
Total extraordinary income	287	10,167	– 9,880

1)In 2025, the former subsidiary Refinum AG was merged into the parent company with effect from 1 January 2025.

8.8 Changes in reserves for general banking risks

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

8.9 Taxes and tax rate

Amounts in 1,000 Swiss francs	2025	2024	Change
Current income taxes	31,662	27,821	3,841
Current capital taxes¹⁾	3,355	6,784	– 3,429
Total expenses for taxes	35,017	34,605	413
Weighted average tax rate (based on operating profit)	10.8 %	11.1 %	– 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.