The current PostFinance Ltd Interim Report
PostFinance generated profit as per ARB of 153 million francs in the first half of 2022. This represents an increase of 107 million francs year-on-year. However, the pressure on PostFinance’s core business remains consistently high. The interest differential business is the most important source of revenue for PostFinance. The ongoing low interest situation continued to weigh on interest margins. This meant interest income on financial investments in its core business fell again as a result of market conditions. It was offset by the negative interest expense in the deposit-taking business – in other words through customer asset fees – and greater activity on the interbank money market.
In recent years, PostFinance has strengthened its position as an investment bank and introduced new, digital investment solutions such as e-asset management. Thanks to this approach and revenue from e-trading and credit cards, it was able to increase the result from commission business and services by 28 million francs in the past half-year compared to the prior-year period. The result from trading activities improved by 14 million francs, partly because customers did more travelling in the first half of 2022.
Operating expenses were down by around 24 million francs year-on-year. Personnel expenses fell by around 18 million francs compared to the prior year, which is mainly attributable to the change in the contributions to employee benefits schemes. General and administrative expenses were reduced by 6 million francs, the result of lower project costs and efficiency improvements achieved through implementation of the strategy.