The current PostFinance Ltd Interim Report
PostFinance generated earnings before tax (EBT) as per Group IFRS guidelines of 152 million francs in the first half of 2019. The 27 million franc improvement in the result year-on-year can be explained mainly by the 30 million franc rise in commission and service income, the 33 million franc increase in trading portfolio assets due to market conditions, and 24 million francs of non-recurring profit from the sale of two participations and a subsidiary. At the same time, personnel expenses declined by 22 million francs.
However, the better interim results must not detract from the fact that pressure on our core business remains consistently high. Net interest income was down 66 million francs year-on-year. This negative trend looks set to continue as bonds from earlier investments which continue to earn high interest reach maturity, but can only be reinvested for very low returns.