Consolidated income statement

			Change
Amounts in 1,000 Swiss francs	6M 2026	6M 2025	absolute	in %
Interest and discount income	344,638	381,891	– 37,253	– 9.8
Interest and dividend income from financial investments	26,384	24,468	1,916	7.8
Interest expense	– 126,143	– 170,167	44,024	– 25.9
Gross result from interest operations	244,879	236,191	8,687	3.7
Changes in value adjustments for default risk and losses from interest operations	– 5,970	– 4,448	– 1,522	34.2
Net result from interest operations	238,909	231,744	7,165	3.1
Commission income from securities trading and investment activities	69,952	60,212	9,741	16.2
Commission income from lending activities	2,126	1,891	235	12.4
Commission income from other services	14,395	14,300	95	0.7
Commission expense	– 9,014	– 6,658	– 2,356	35.4
Result from commission business and services	77,459	69,744	7,715	11.1
Result from trading activities and the fair value option	45,544	40,643	4,901	12.1
Result from the disposal of financial investments	5,485	2,251	3,234	143.7
Income from participations	1,566	2,272	– 707	– 31.1
of which, participations valued using the equity method	461	947	– 487	– 51.4
of which, from other non-consolidated participations	1,105	1,325	– 220	– 16.6
Result from real estate	3,949	3,900	49	1.3
Other ordinary income	524	1,136	– 612	– 53.9
Other ordinary expenses	– 4,201	– 4,270	69	– 1.6
Other result from ordinary activities	7,323	5,289	2,034	38.4
Operating income	369,235	347,420	21,815	6.3
Personnel expenses	– 115,550	– 108,638	– 6,913	6.4
General and administrative expenses	– 49,474	– 47,345	– 2,129	4.5
Compensation for the state guarantee	– 5,866	– 5,670	– 196	3.5
Operating expenses	– 170,890	– 161,653	– 9,237	5.7
Value adjustments on participations and depreciation and amortisation of tangible fixed assets and intangible assets	– 16,210	– 14,971	– 1,239	8.3
Changes to provisions and other value adjustments and losses	– 395	66	– 461	– 697.2
Operating result	181,741	170,863	10,878	6.4
Extraordinary income	0	208	– 208	– 100.0
Extraordinary expenses	0	0	0	n.a.
Changes in reserves for general banking risks	0	0	0	n.a.
Taxes	– 20,310	– 20,349	38	– 0.2
Consolidated profit	161,431	150,722	10,709	7.1