Nine Swiss banks, four years of data — the rate windfall is nearly spent.
A look at nine major Swiss banks shows the same picture: the margin cushion from the rate cycle is nearly gone, and regulatory constraints limit how much volume growth can compensate. After years of easy margin gains, 2026 will separate the banks that have genuinely controlled their costs and built non-interest income from those that haven't.
| Bank | Volumeneffekt | Zinswende 2022–23 | Übrige Jahre | Total Wachstum | LtD-Ratio |
|---|---|---|---|---|---|
| Berner Kantonalbank AG | +25.8% | +23.78% | -13.3% | +36.2% | 113.73% |
| Zürcher Kantonalbank | +26.2% | +31.38% | -22.9% | +34.7% | 108.14% |
| Migros Bank AG | +20.6% | +26% | -17.7% | +28.9% | 113.07% |
| Basellandschaftliche Kantonalbank | +19.7% | +13.58% | -9.6% | +23.7% | 123.92% |
| Valiant Bank AG | +19.2% | +17.57% | -13.3% | +23.4% | 134.39% |
| Luzerner Kantonalbank AG | +28.1% | +-3.81% | -2.2% | +22% | 154.27% |
| St. Galler Kantonalbank AG | +23.4% | +8.62% | -14.9% | +17.1% | 119.79% |
| Raiffeisen Schweiz Gruppe | +22.9% | +19.08% | -26.3% | +15.7% | 107.97% |
| Banque Cantonale Vaudoise | +26.9% | +17.59% | -30.2% | +14.3% | 109.83% |
Avg. net interest income growth
+29 pp
Mean across 9 banks
Median net interest income growth
+28 pp
Half above, half below
Avg. LtD 2025
122%
System-wide funding stretch
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