沃州州立银行（BQCNF）2026年第二季度财报电话会议纪要

一、AI总结内容 一、核心要点 1. 2026年上半年业绩：营收小幅增长，净利润同比增5%，成本仅增1%，为所有瑞士地区银行中营收结构最多元的机构之一。2. 资产质量：新冠疫情期间发放的过桥贷款93%已偿还，仅5%可能产生损失，整体资产风险可控。3. 核心业务表现：零售银行正常增长，客户存款增长超预期，抵押贷款年目标4%，当前进展符合节奏。4. 行业环境：瑞士经济具备韧性，预计2026年GDP增速约1%，2027年略好，受贸易政策、地缘政治、瑞郎汇率等因素影响。 二、投资线索 1. 财富管理：机构资管业务受益于瑞士养老基金分散化配置需求，捕捉到UBS并购相关的资金转移机遇，后续仍有拓展空间。2. 风险加权资产增长：核心驱动为抵押贷款增长及融资成本相关的间接影响，同比增近5%，目前处于合理水平。3. ESG评级：集团ESG评级表现优异，多机构排名位列瑞士地区银行前列，源于长期战略布局。三、风险与关注 1. 地缘政治风险：中东、俄乌冲突可能影响贸易金融业务，短期内无扩张计划。2. 经济不确定性：美国贸易政策、瑞郎升值或对瑞士出口及房地产相关业务产生压力。3. 客户存款结构：存在单一机构大额存款增长的情况，需关注后续稳定性。 二、音频原文（转写） additional negative impact of CET 1 of about 0.2%, so wide. So which means basically that the risk per average growth over the last 12-month period is above what you should expect with regardto the mortgage growth over the years to come. Does it answer your question? Hey, Karen, that's very helpful. Thank you verymuch. Okay. Thank you. We have a question from the telephone lines from Andrea Sveditti from VonTobel. The lines now are muted. Please go ahead. Yes, thank you very much for taking my questions. Maybe firstly on the cost side, the insourcing of the IT, we had some impact on the cost onthe depreciation line and the GNA. Is that proce So is this. what we saw in the first half now anormal run rate or shall we still expect some impact from this movement. Um, then maybe. On in general in in in you know. the various businessesin the Canton of War, you mentioned one impacton deposit growth from this UBS cases Uh uh situation. maybe you could comment a bit on the behavior of your competitor what you see in the market and and and. yeah, what's going on there in terms of competition. 嗯。 And maybe, I mean, you mentioned yourself, you should give. a bit more detail. on the wealth management segment because it's so diverse, maybe you could just highlight a few. A few points there. Thank you. okay so I do no I think. Let me say that. the burden of this integration of Our ITactivities, this is done. don't expect much more 一样。 Uh, you hear that. You say one question was thecompetitive situation You know, it's always secure to talk about results and a company. um competitors. But you see, I mean, the situation has changed for every goldoni, Egypt and all that. 诶You had two love banks. the coconut banks. And how are you? Today, there is one competition left. and 这儿。thebehavior and the company situation depends noton UBS. and For the time being, they are quite aggressive in the markets. They want to rebuild market share. which I quote in the way I understand So it does. especially in the mortgage business. 嗯。 In the wet management business, there are a bitmore competitors like PCL or VAR in in in in LosAngeles. that's basically for us the main compe titor is GBS. and they are stronger than beforesince they are a bit bigger. 系啊。 Okay, I cannot swim in. standing longer. I mean,we We try to -- I mean, we try -- we keep our market share We want to grow. with the market inthe credit business, in the mortgage business tosee the market business, we have more than so Ithink I can master share, so it's quite difficult to. to get much more. in the retail business.Privately, we are within 45% to 50% market share, so also it's difficult to to grow faster thanthe market and in the SME business, in the credit SME business There is no official number. wehave some estimation internal assimilation. showing that we are within 40 to 50% market share. so basically. and again it's difficult to grow much faster than the market. Okay. And the last question was giving more information No, look, wedon't want to give more because it will be very,very complex. 系啊。 What I can tell you is that. All entities, I mean. 谢谢谢老公。the motor company. January 40, 2012. where we are a bit more this year. than than you say last year. is basically this institutional asset management where we could gain some new money 诶 of pension fund that try that. if i try to diversify their portfolio. 第一，你你哋。 dis令的阿瑟斯 among 3 to 4 days And here we could take advantage of the measure. UBS. Cathesis. no Thank you. Thank you. As a reminder, if you'd liketo ask a question on teams, you may raise yourhand, and if you've joined us via the telephonelines, you may press spell one on the telephonekeypad. We have a question from a casual user. Please unmute locally and proceed. Good afternoon. I have a question regarding again the topic ofnet new money and deposits. So if we exclude the increase in deposits and the cash from the net . new money. Is it a good normal growth rate forthe core asset management business or how do you see the move there going forward? Right, Mr. It's a normal growth. Nothing special. So actually, the quite good net new money wasmainly driven by the effects that you mentionedbefore on the wealth management. extra depositsYes, the work is that. I mean there are some other small things, but the main part is what I mentioned exactly. 嗯。 PERFECT 咩声？Thank you. Thank you. At this time, we currently have no further questions,