The current PostFinance Ltd Interim Report
PostFinance generated earnings before tax (EBT) as per Group IFRS guidelines of 38 million francs in the first half of 2020. This represents a decline of 114 million francs or 75 percent yearonyear. The impact of the coronavirus crisis was also felt by our business, leading for example to a sharp drop in revenues from overthecounter transactions at Swiss Post branches and at ATMs. In addition, trading portfolio assets saw no substantial conversion gains from cash withdrawals in foreign currencies and from the use of credit cards as a result of the restrictions on travel for our customers.
The very low and indeed in some cases negative interest rates of recent years continue to erode our interest margin, resulting in a fall of 38 million francs in net interest income. The result from commission business and services remained at around the previous year’s level. Trading portfolio assets saw a decline of 54 million francs and net financial income fell by 23 million francs after a oneoff gain in the previous year from the sale of two participations and a subsidiary. Operating expenses remained virtually unchanged at the previous year’s level.