Q3 figures: Coronavirus pandemic also weighs on Swiss Post’s result
Swiss Post’s result for the first three quarters of 2020 is down year-on-year. At the same time, however, it appears to be stabilizing somewhat, which means that the impact of the coronavirus pandemic on Swiss Post’s finances at the end of the year may be less severe than expected after the second quarter. The annual result is now largely dependent on how the pandemic continues to develop and on business over the festive season.
Limit for contactless payment without PIN to remain at 80 francs
In April 2020, PostFinance increased the limit for contactless payments without PIN entry with its cards from 40 to 80 francs. In consultation with the other card providers in Switzerland, this limit is being retained for all credit, debit and prepaid cards.
Lower interim results additionally impacted by coronavirus crisis
In the first half of 2020, Swiss Post generated Group profit of 30 million francs, 163 million francs less than the prior-year period. The financial impact of the coronavirus pandemic on Swiss Post has been considerable, with a negative coronavirus effect of around 120 million francs on the interim results.
Lifting of the ban on loans and mortgages vital for PostFinance
Today the Federal Council opened the consultation procedure on the partial revision of the Postal Services Organization Act. The key element of the bill is the lifting of the ban on PostFinance providing loans and mortgages. Swiss Post and PostFinance expressly support the Federal Council’s proposal. It is essential that the ban is lifted for PostFinance and to ensure overdue equal treatment with other Swiss banks. With a strong PostFinance, Swiss Post can maintain public service provision for Switzerland and viably improve it for the future.
Felicia Kölliker joins esisuisse Board of Directors
Felicia Kölliker, member of the Executive Board of PostFinance Ltd, Switzerland, was elected to the Board of Directors at the Annual General Meeting of esisuisse members on 3 June 2020. She replaces Patrick Graf, who is leaving the Board of Directors after six years of service.
Quarterly result down as expected – effects of coronavirus crisis significant
Swiss Post generated a lower result in the first quarter of 2020 than in the prior-year period. Group profit fell by 46 million, while operating profit came in at 57 million francs below the comparable figure for 2019. The financial consequences of the coronavirus pandemic were already evident in the first three months and are likely to have a significant impact on Swiss Post’s annual result. The extraordinary situation has accelerated relevant developments and shows just how important Swiss Post is to Switzerland – especially in terms of logistics. It is vital that Swiss Post continues to drive forward its transformation to overcome its major, longstanding challenges.
PostFinance launches four new investment solutions
PostFinance is expanding its range of investment products and launching four new digital investment solutions. Customers can select the level of support provided in line with their own requirements – from making investment decisions independently to complete management by PostFinance.
Restrictions on contactless payments to be temporarily eased
PostFinance is temporarily raising the limit for contactless payments without PIN entry on its payment cards from 40 francs to 80 francs. This enables customers and sales staff at checkouts to better protect themselves against the risk of infection from the new coronavirus.
Even easier mortgage comparison thanks to Valuu
The digital brokerage platform Valuu now offers its users a clearer overview when searching, comparing and taking out mortgages. This makes it easier for customers to access favourable interest rates from the comfort of their sofa – and also to receive personal advice from an expert.