Annual Report 2025
In the 2025 financial year, Zürcher Kantonalbank generated very pleasing consolidated profit before taxes totalling CHF 1,422 million. The Canton of Zurich and its municipalities are participating more than ever in the profit, with CHF 581 million.
Key figures
CHF 3.213 billion
Operating income
CHF 1.422 billion
Consolidated profit before taxes
AAA *
Aaa *
Group rating
CHF 581 million
Participation canton and municipalities
CHF 181 million
Dividend for the canton
CHF 169 million
OECD minimum tax to the canton
CHF 22 million
Dividend to cover actual costs to canton
CHF 34 million
Compensation for state guarantee
CHF 175 million
Dividend for municipalities
6,655
Employees
6,655 people work in over 5,809 full-time positions. With 427 apprenticeships, we are one of the largest providers of vocational training in the Canton of Zurich.
CHF 149 million
Expenses
In 2025 we spent CHF 149 million for the public service mandate.
* according to the rating of the three leading rating agencies Standard & Poor's (S&P Global), Moody's und Fitch
Return on equity (RoE)
Cost income ratio (CIR)
Risk-based TLAC Ratio
TLAC Leverage Ratio
Liquidity Coverage Ratio (LCR)
Net Stable Funding Ratio (NSFR)
Leader in the Greater Zurich Area
50%
Market penetration
Nearly half of the people of Zurich and of the companies domiciled in the Canton of Zurich are clients of Zürcher Kantonalbank.
51
Branches
We operate 51 branches in the Canton of Zurich and ensure that 90 percent of the population can reach a cash withdrawal point within 5 kilometres.
CHF 579 billion
Client assets
The net new money inflow amounted to CHF 13.6 bn in 2025.
CHF 111 billion
Mortgages
We are the market leader in real estate financing in the Canton of Zurich (mortgage loans in the previous year: CHF 107 bn).
CHF 233 billion
Fund volume
Swisscanto is the second-largest fund provider in Switzerland.
CHF 41 billion
Credit exposure to companies
Our credit exposure to companies increased to CHF 41 bn in the year under review, a 4.3 percent increase year over year.
Anchored in the Canton of Zurich
155 Years
Public service mandate
We have been the bank of the people of Zurich for 155 years.
CHF 149 million
Expenses
In 2025 we spent CHF 149 million for the public service mandate.
CHF 4 billion
Participation
Over the past ten years, the Canton of Zurich and its municipalities have participated in our profit with an amount exceeding CHF 4 bn.
Attractive employer
6,655
Employees
6,655 people work in over 5,809 full-time positions. With 427 apprenticeships, we are one of the largest providers of vocational training in the Canton of Zurich.
77 Points
Satisfied employees
The commitment index of the latest employee satisfaction survey is a high 77 out of 100 points.
Milestones
Organisation
Organisation
Establishment of new "Retail Clients" business unit
With the establishment of the new "Retail Clients" business unit, we are strengthening our core business of the statutory public service mandate and expanding our leading position in the home market. The new business unit, which supports clients with assets of up to CHF 1 million, will be headed by Susanne Thellung, who has many years of front-office and management experience. The existing "Private Banking" business unit focuses on wealthy clients and has been supplemented by the Investment Solutions activities. The "Corporate Clients" business unit now also includes the commercial clients segment.
New Head of IT, Operations & Real Estate
Dr Mario Crameri has been responsible ad interim for the "IT, Operations & Real Estate" business unit since 1 April 2025 and permanently since 1 June. He has more than 30 years of professional and management experience and will provide new impetus for the digital future of Zürcher Kantonalbank.
New Chief Investment Officer
Dr Anja Hochberg has been appointed Head of Investment Solutions in the "Private Banking" business unit and Chief Investment Officer (CIO) of Zürcher Kantonalbank with effect from 1 January 2026. She is therefore responsible for the investment strategy and the further expansion of investment solutions for Zürcher Kantonalbank. Anja Hochberg has worked for almost 25 years in various management positions, most recently as Head of Multi Asset Solutions in Asset Management at ZKB; she also lectures at the University of Zurich at the Chair of Banking and Finance. Anja Hochberg replaces Christoph Schenk as CIO; he has managed and significantly developed these activities since 2014 and has had a lasting impact on ZKB’s investment strategy.
Offer
Offer
Multibanking for retail clients introduced
We launched multibanking for retail clients in the reporting year. This service makes it possible to integrate a client’s own bank accounts from other Swiss banks securely and centrally into ZKB eBanking. The connection is made via the secure bLink platform from SIX.
ZKB Visa Debit Stu: Added value for the young generation
After almost 20 years, the STUcard becomes the ZKB Visa Debit Stu. With automatic cashback, a new app and a modern design, it’s even easier for young clients to benefit from attractive discounts – digital, flexible and perfect for modern payments.
Digital onboarding now even faster
The introduction of the qualified electronic signature enables new clients with a biometric passport to sign contracts seamlessly and securely when opening an account digitally.
Send instant payments via ZKB Mobile Banking
We expanded the "Instant Payment" service in the reporting year. Since March 2025, private individuals and companies with individual signatory rights have been able to send instant payments via ZKB Mobile Banking. The receipt of instant payments has already been possible since August 2024.
Investing and retirement planning
Investing and retirement planning
Sustainable equity ETFs launched
We have launched our first-ever sustainable equity ETFs (four in total) under the Swisscanto product brand. They offer easy access to the important market regions of Switzerland, global, US and eurozone.
frankly with CHF 5.4 billion in client assets
frankly, our digital pension solution, has reached a new milestone. It has exceeded the threshold of CHF 5.4 billion in assets under management and meanwhile has over 140,000 clients. Thanks to this success, frankly is reducing the all-in fee to just 0.43 percent.
Three questions for
Daniel Previdoli, Head of Products & Services
Daniel Previdoli, Head of Products & Services
Which trends are dominating digitalisation in the financial business?
There are many triggers for innovation and further development: market developments, changing client needs, technological progress or new regulations. For clients, for example, the immediate and intuitive use of products and services is a key priority. Digital assets, crypto currencies and tokenisation offer opportunities for innovative financial products. And artificial intelligence holds great potential for increasing efficiency, personalisation and automation.
What is ZKB’s response?
We focus specifically on innovations that strengthen both client benefits and our business model in the long term and make it more efficient. In this context we have recently realised a number of successful innovation projects. They extend from the introduction of voice biometrics in telephone customer service and digital onboarding, to the Digital Asset Hub and Instant Payment, through to the integration of real estate as a topic area in eBanking and Mobile Banking. We are also standardising sales processes to enable data and AI-supported efficiency gains.
How important is data security?
Cyber security and fraud prevention, i.e. protection against digital attacks, are of central importance to us. Stability and security are top priorities for Zürcher Kantonalbank. This is the only way we can maintain trust in our services and strengthen our market position in the long term.
Susanne Thellung, Head of Retail Clients
Susanne Thellung, Head of Retail Clients
Why did ZKB create a new Retail Clients business unit this year?
Previously we looked after retail clients in two separate organisational units. With the new business unit, we can now offer them a comprehensive service from a single source. For them, this means a clear focus on their individual needs and an even better quality of service and support. At the same time, we can implement our public service mandate more efficiently and strengthen our role as a bank for the Canton of Zurich.
Where do you see your key priorities as the new head of the business unit?
Our clients want innovative digital offerings as well as personal advice. Our aim is to combine both: the latest technology for efficiency and convenience as well as personal proximity and continuity, which we actively practise in our 51 branches. This means they benefit from the best of both worlds – digital and personal – and receive the support they want.
What can retail clients expect in the future?
Our retail clients’ individual needs will be addressed even more effectively. We want to deepen the relationship and support them with important issues such as wealth building, pensions or the financing of lifelong dreams such as owning a home. We support our retail clients at all stages of their lives – from opening their first account to planning their retirement.
Martin Bardenhewer, Chief Financial Officer (CFO)
Martin Bardenhewer, Chief Financial Officer (CFO)
How secure is the Swiss financial market?
Thanks to proportionate yet effective regulation, Switzerland has a strong financial centre. It has been further strengthened by the adequate implementation of international standards over the past few years. This must be safeguarded. It is important to learn the right lessons from the Credit Suisse crisis and to continue to develop regulation with a sense of proportion. This will ensure the stability of the financial centre – also for the future.
What makes ZKB stable?
It has many pillars. Firstly, our diversified business model: Interest operations are and remain the most important part of our services, but the proportion of investment activities in particular has grown significantly in recent years and we are continuing to expand it. Careful risk management is of central importance to us. We also have a very large financial risk buffer: We clearly exceed the existing equity requirements and hold almost a quarter of our balance sheet as a liquidity buffer – this is, in effect, our insurance policy.
Would ZKB still be one of the safest banks in the world without the state guarantee?
Yes. The decisive factors have already been mentioned: our very good balance sheet figures, the fact that we exceed the regulatory requirements as well as our well-diversified, broad-based business model. Consequently, even without the state guarantee, ZKB is ideally positioned to continue its sustainable success in the future. And that makes us one of the safest universal banks in the world.
Outlook
The environment for the banking industry will remain challenging in 2026. We expect, however, that the bank will achieve solid results thanks to its clear strategy and diversified business model. We will exercise our responsibility as Switzerland’s second-largest universal bank and make an active contribution to the stability of the financial centre. When conducting our business activities, we aim for a balanced combination of economically, socially and environmentally sustainable development. We are focusing in parallel on digitalisation and innovation to enhance the client experience. We aspire to rigorously expand our market position in the Greater Zurich Area as the number one for private individuals and SMEs.
More outlook
More outlook
Moderate economic growth below the long-term average
We expect global economic growth of 2.5 percent in 2026. This is lower than the long-term average, but better than recently forecast. The peak of trade and geopolitical uncertainties is presumably behind us, and the waning inflationary pressure and the easing of financing conditions are ensuring higher capacity utilisation in the economy. Artificial intelligence continues to drive progress and investment and therefore remains an important driver for the economy and financial markets. The leading and sentiment indicators, most of which are pointing upwards, could provide scope for positive surprises. Despite the agreement reached with the US in the tariffs dispute, growth in Switzerland will be below average at 1.3 percent in 2026 due to subdued global growth. We anticipate inflation will be 0.3 percent, which is why the Swiss National Bank (SNB) will adhere to its zero interest rate policy.
Challenging environment
We anticipate the competition in the Swiss banking centre will intensify even further. The aim must be to collaborate with the political community to maintain the good framework for Switzerland as a financial centre. Equally important is that people’s trust in the financial centre be strengthened while also highlighting the important role played by banks, particularly that of domestic banks, with respect to society and the economy.
Continuing the strategy
Zürcher Kantonalbank is adhering to its strategy. We have a business policy focused on continuity that prioritises the universal bank strategy, the bank’s high level of security and stability, as well as its proximity to clients. We are also driving income diversification forward, in particular through a balanced product portfolio and a broad range of services in the investment and pension business. In the individual clients and SME core segments, we are striving to expand on our standing as a top-ranked bank. All internal activities are focused on increasing quality and efficiency. Great importance is attached to the Zürcher Kantonalbank brand. We want to be perceived as the most highly appreciated bank across Switzerland, both in the physical and digital worlds.
Sustainability as part of the business model
Sustainability is an integral component of our business model. We incorporate the criteria of ecological, social and economic sustainability into everything we do and are guided by the United Nations Sustainable Development Goals and the Paris Agreement. We support our clients with banking services on the path to a more sustainable future. We make our contribution to social responsibility through our strong and locally rooted social commitment, and by ensuring comprehensive access to financial services, especially for the target groups defined by the Cantonal Banking Act on Zürcher Kantonalbank.
