PostFinance continues to grow
PostFinance began the new year where it finished the past year: on a growth track. During the first three months of this year 18,000 new customers placed their trust in the institution, and 48,000 new accounts were opened. An increase in customer assets by CHF 5.2 billion was the main reason for strong earnings (EBT) of CHF 181 million.
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PostFinance continues to enjoy wide-spread trust and is still growing. In the first three months of this year,18,000 new customers chose Swiss Post's financial arm. The number of customers has now expanded to 2.77 million. Average customer deposits rose by CHF 5.2 billion to CHF 89.4 billion. This increase lead to improved net interest income, up by 22% on the same period last year, despite a consistently narrow interest margin. This is the main reason for earnings of CHF 181 million in the first quarter of 2011 (+39% against the same period last year).
The popular postal account
PostFinance experienced a strong increase in accounts. 48,000 new accounts is considerably more than the number of accounts opened in the first three months of last year (38,500). This shows that PostFinance is satisfying customer needs with its attractive products and reasonable conditions. At 24,000 new accounts, the familiar postal account (for payment transactions) proved to be the most popular, followed by the e-Deposito account, which grew by 17,000. In the first three months of the year, PostFinance created a further 116 qualified full-time positions, mainly in regional locations outside the major conurbations.
Caution in dealing with mortgage market risks
Mortgage business at PostFinance has expanded in 2011 by CHF 129 million so far. It has not changed its mortgage conditions in the past few months, despite persistently fierce competition in the mortgage market. These criteria are continually reviewed by PostFinance partners Münchener Hypothekenbank and Valiant, who – as members of a cooperation model – assume these business risks. PostFinance has not incurred any losses on mortgages up to this point.
|Key figures for PostFinance||Q1/2011||Q1/2010||2010|
|Company profit EBT (CHF million) incl. associated companies (SIC, SECB)||181||130||575|
|Operating earnings (CHF million) |
- Net interest income after writedowns
- Earnings from commissions and service business
- Earnings from commercial business
|Operating expenses (CHF million) |
- Staff costs
- Non-staff costs
|Number of customers (thousands on reporting date)||2‘767||2‘656||2’750|
|Number of customer accounts (thousands on reporting date)||4‘127||3‘919||4’079|
|Customer deposits (CHF m, annual average)||89‘361||80‘330||84’146|
|Funds and securities (CHF m, reporting date)||4‘127||3‘660||3’876|
|Mortgages for private customers (CHF m, reporting date)||3‘326||2‘793||3’197|
|Loans to business customers (CHF m, reporting date)||6‘044||5‘526||6’134|
|Users of e-finance (cut-off date, in millions)||1,25||1,13||1,22|
|Headcount (full-time, annual average)||3‘381||3‘175||3’265|
|Millions of transactions processed (cumulative, reporting date)||223||218||894|
Information about PostFinance
Marc Andrey, Media Spokesperson, +41 (0)58 338 30 32, email@example.com