Report published August 25, 2026
Banque Cantonale de Genève (BCGE): Record 1H26 Results & Outperform Rating by ZKB
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Ausano Cajrati Crivelli (Analyst)
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Banque Cantonale de Genève reported record 1H26 results, with net profit up 26.2% YoY to CHF 118.6 mn, beating ZKB estimates by 16%. Following an upgraded 2026 earnings outlook and solid mortgage/AuM expansion, ZKB reiterates its Outperform rating with a CHF 40 fair value.
Key Takeaways
- 1.BCGE reported record 1H26 results with consolidated net profit reaching CHF 118.6 mn (+26.2% YoY), beating ZKB estimates by 16%.
- 2.Operating income rose 12.3% YoY to CHF 310.5 mn (9.3% above ZKB estimates), driven primarily by strong net interest income and other ordinary income.
- 3.Management raised full-year 2026 earnings guidance to exceed 2025 levels, prompting ZKB to reaffirm its Outperform rating with a fair value of CHF 40.
Table of Contents
- Banque Cantonale de Genève (BCGE)
- Outlook
- Conclusion
- Disclosures and Disclaimer
Report data
BCGE 1H26 Financial Results vs. 1H25 and ZKB Estimates
| Metric | Estimate | Context |
|---|---|---|
| BCGE Share Price | 30.10 CHF | Current trading price of BCGE at publication |
| BCGE Fair Value Estimate | 40 CHF | Fair value estimated using Gordon Growth Model (normalised RoE = 7%, CoE = 6.5%, g = 1%) |
| 1H26 Operating Income | 310.5 CHF mn | BCGE 1H26 operating income vs. CHF 276.5 mn in 1H25 and CHF 284.1 mn ZKB estimate |
| 1H26 Consolidated Profit | 118.6 CHF mn | BCGE 1H26 consolidated profit vs. CHF 94.0 mn in 1H25 and CHF 101.8 mn ZKB estimate |
| 1H26 Assets under Management (AuM) | 41.9 CHF bn | Total AuM at 1H26 vs. CHF 37.1 bn in 1H25 |
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Authors / Editors
Reported Data Context
- BCGE Share Price: 30.10 CHF (2026-08-25) · Source: Zürcher Kantonalbank
- BCGE Fair Value Estimate: 40 CHF · Source: Zürcher Kantonalbank
- 1H26 Operating Income: 310.5 CHF mn (1H26) · Source: Zürcher Kantonalbank
- 1H26 Consolidated Profit: 118.6 CHF mn (1H26) · Source: Zürcher Kantonalbank
- 1H26 Assets under Management (AuM): 41.9 CHF bn (1H26) · Source: Zürcher Kantonalbank
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