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PostFinance posts another substantial profit increase
PostFinance posts another substantial profit increase
Successful first half:in the first six months of the year, PostFinance again increased profit substantially to CHF 274 million.Over the same period, the financial institution acquired 53,000 new customers and opened 87,000 new accounts.The average assets under management rose to CHF 82 billion.Moreover, PostFinance created 158 full-time positions throughout Switzerland, thanks to this growth.
PostFinance can look back on a successful first half in 2010:it generated a profit of CHF 274 million (+37% over the prior-year period).This is due to higher customer assets, success in the investment business and to systematic cost discipline.The number of new customers and customer deposits went up in line with the profit trend.53,000 new customers opened 87,000 new accounts in the first six months of the year.2.7 million customers currently entrust their money to PostFinance, which manages four million accounts.
Increase in customer deposits
PostFinance enjoys a high level of trust among the public.This is seen clearly in the trend in average assets under management, which amounted to CHF 81.6 bn in mid-year or CHF 8.3 bn more than the 2009 yearly average.The growth trend during the first six months was very steady.PostFinance has therefore succeeded in further increasing customer deposits, after the peak of the financial crisis.
Conservative mortgage policy
The mortgage volume rose in the reporting period by CHF 251 m to CHF 2.92 bn (end-2009: CHF 2.67 bn).Together with extensions for existing customers, the volume of mortgages granted amounted to CHF 576 m.Despite fiercer competition among mortgage lenders, PostFinance will continue its conservative approach to risk together with its partner, Münchener Hypothekenbank.This approach is paying off, as PostFinance has not reported any mortgage defaults so far.
PostFinance creating jobs
PostFinance has been one of the biggest employment providers in Switzerland for years.This encouraging trend has continued this year.With 158 new jobs created, headcount throughout Switzerland has risen to 3,200.Since the end of 1998, PostFinance has doubled the number of employees.Headcount continues to expand: over the next few years, there are plans to develop sales for private and SME customers and customer service.
Looking to the future with confidence
For the year as a whole, Jürg Bucher, CEO of Swiss Post and Head of PostFinance, is cautiously optimistic: «Despite the persistently uncertain situation on the international finance markets, PostFinance is likely to exceed the 2009 result.»
| Key figures | 30.06.10 | 31.12.09 | 30.06.09 |
|---|---|---|---|
| Company profit EBT (CHF million) incl. associated companies (SIC, SECB) | 274 | 448 | 200 |
| Number of customers (cut-off date, in thousands) | 2,684 | 2,631 | 2,570 |
| Number of customer accounts (cut-off date, in thousands) | 3,968 | 3,881 | 3,782 |
| Customer deposits (in CHF m, yearly average) | 81,610 | 73,273 | 71,050 |
| Volume of funds (cut-off date, CHF m) | 1,830 | 1,723 | 1,523 |
| E-trading volume (cut-off date, CHF m) | 1,752 | 1,629 | 1,300 |
| Volume of mortgages for private customers (CHF m) | 2,924 | 2,673 | 2,315 |
| Volume of loans to business customers (cut-off date) | 6,001 | 5,423 | 5,278 |
| Users of e-finance (cut-off date) | 1,152,380 | 1,101,593 | 1,044,956 |
| Users of e-trading (cut-off date) | 40,885 | 38,560 | 35,845 |
| Headcount (annual average) | 3,200 | 3,042 | 2,973 |
| Transactions processed in millions (cut-off date, cum.) | 435 | 865 | 421 |
Swiss Post will publish its half-yearly result at the end of August 2010.
