PostFinance wins new customers and lifts profit
PostFinance is still firmly on course this year. It acquired 39,000 new customers and opened 73,000 new accounts in the third quarter. After nine months, profit amounts to CHF 463 million, and the average customer assets under management total CHF 90.5 billion. Since the beginning of the year, PostFinance has created 143 full-time positions throughout Switzerland.
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PostFinance's profit (EBIT) at the end of the third quarter 2011 amounts to CHF 463 million, slightly higher than the prior-year figure of CHF 456 million. Customer deposits rose to 90.5 billion francs on average. The difficult interest-rate situation in comparison with previous quarters resulted in the anticipated lower quarterly profit. In nine months, the financial arm of Swiss Post created 143 new full-time positions and is planning to increase headcount even further by the end of the year.
Strong growth in the third quarter
This year, 82,000 new customers have placed their trust in PostFinance so far. The total number of customers is thus 2.78 million. This growth was particularly strong in the third quarter, with 39,000 new customers and 73,000 new accounts opened. Overall, PostFinance has opened 176,000 new accounts this year.
No new investments on the capital market
Owing to low interest rates and the existing risks, PostFinance has not invested any new money in the capital markets for several months and is therefore not earning any interest from new financial investments. It therefore expects to see a modest profit trend in the last three months of the year from existing investments and a result for the year as a whole on a par with the previous year (CHF 575 m). The financial arm of Swiss Post currently has a good deal of liquidity with the Swiss National Bank and remains flexible in terms of further trends on the capital markets.
|Key figures for PostFinance||30.09.2011||30.09.2010||31.12.2010|
|Company profit EBT (CHF million) incl. associated companies (SIC, SECB)||463||456||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‘777||2‘722||2‘695|
|Number of customer accounts (thousands on reporting date)||4‘255||4‘033||4’079|
|Customer deposits (CHF m, annual average)||90‘540||83‘079||84’146|
|Funds and securities (CHF m, reporting date)||3‘996||3‘738||3’876|
|Mortgages for private customers (CHF m, reporting date)||3‘570||3‘043||3’197|
|Loans to business customers (CHF m, reporting date)||6‘463||5‘616||6’134|
|Users of e-finance (cut-off date, in thousands)||1,32||1,19||1,22|
|Headcount (full-time, annual average)||3‘408||3‘232||3’265|
|Millions of transactions processed (cumulative, reporting date)||664||651||894|
1 ↑ figures adjusted after new calculation at end-June 2011
Swiss Post will communicate the result for the third quarter at the beginning of November 2011.