PostFinance continues on a success track
PostFinance made further gains in the first half of 2011. It acquired 43,000 new customers and opened 103,000 new accounts. Profit rose to CHF 327 million. Thanks to the encouraging performance, the financial arm of Swiss Post created 130 new full-time jobs in the first six months of the year.
Rich Content Section
Profit in the first half of 2011 amounts to CHF 327 million, which is around 19.3% higher than in the year-back period (CHF 274 million). The average customer assets and low writedowns are the main factors responsible for this encouraging result. At the end of June, customer assets amounted to almost CHF 90 billion and boosted the interest result to CHF 577 million (+12% compared with the 2010 figure). Writedowns accounted for CHF 31 million, which is a very small fraction of the investment volume (0.34 per mille). They are an expression of the cautious and conservative investment strategy that has been pursued for several years.
A large number of new postal accounts ...
In the first half of this year, PostFInance opened a noticeably large number of new accounts. 103,000 compared with 87,000 in the same period last year. Once again, the private account (payments account) proved very popular, with growth of 59,000, followed by the e-Deposito account for private customers (+29,000). The number of new customers rose by 43,000 from January to June (compared with 53,000 in first half 2010). Overall, the financial arm of Swiss Post had more than 2.7 million customers at the end of June with close to 4.2 million accounts.
... and new jobs
PostFinance lived up to its reputation as a reliable creator of new jobs between January and June 2011. It increased the number of full-time positions again – this time by 130 to 3,395. PostFinance intends to create another 50 jobs by the end of the year, mainly in the field of regional distribution.
Confident forecast for the year
PostFinance is anticipating a good result for 2011, at least on a par with the previous year. CEO of Swiss Post and Head of PostFinance Jürg Bucher commented as follows: "Profit in the second half is likely to be lower than in the first six months of the year. Owing to the persistent uncertainty on the financial markets we are investing less money in long term and holding more liquidity".
|Key figures for PostFinance||Q2/2011||Q2/2010||2010|
|Company profit EBT (CHF million) incl. associated companies (SIC, SECB)||327||274||575|
|Operating income (CHF million) |
Net interest income after writedowns
Net services and commission income
Net trading income
|Operating expenses (CHF million) |
|Number of customers (thousands on reporting date)||2,738||2,632||2,695|
|Number of customer accounts (thousands on reporting date)||4,182||3,968||4,079|
|Customer deposits (CHF m, annual average)||89,878||81,610||84,146|
|Funds and securities (CHF m, reporting date)||3,979||3,582||3,876|
|Mortgages for private customers (CHF m, reporting date)||3,444||2,924||3,197|
|Loans to business customers (CHF m, reporting date)||6,139||6,001||6,134|
|Users of e-finance (cut-off date, in thousands)||1.28||1.15||1.22|
|Headcount (full-time, annual average)||3,395||3,200||3,265|
|Millions of transactions processed (cumulative, reporting date)||446||435||894|
1 ↑ figures adjusted after new calculation at end-June 2011
Swiss Post will publish its half-yearly result at the end of August 2011.