SWX:BCVNBanks
Banque Cantonale Vaudoise (SWX:BCVN) Profitability Tightens As Capital Pressure Builds
Banque Cantonale Vaudoise came into this earnings day priced for perfection, trading on a rich 24.3x P/E and carrying a 3.62% dividend yield, yet the stock has drifted over the past month. The headline today is that profitability is being gently squeezed. Trailing net profit margin sits at 37.4%, slightly lower than the prior year, while risk weighted assets are climbing in step with mortgage and loan growth. For a bank already valued above Swiss and European peers, this margin pressure is...