The current PostFinance Ltd Interim Report
PostFinance generated earnings before tax (EBT) as per Group IFRS guidelines of 51 million francs in the first half of 2021. This represents an increase of 13 million francs or 34% year-on-year. As a result of the negative interest rates in some cases on the financial and capital markets, the lending prohibition means that we can find virtually no profitable investment opportunities for our customer deposits. Net interest income fell by around a further 20 million francs.
The result from commission business increased as a result of the expansion of the range of investment products and revenue from e trading and life insurance. The result from trading activities rose by 26 million francs due to higher income from foreign exchange trading and fair value changes in the result from trading portfolios.
The result from financial assets fell by 11.4 million francs, because of the positive impact in the previous year of early repayments of financial investments. Personnel expenses rose by 2 million francs year-on-year due to higher social security benefits and pension expenses. General and administrative expenses fell by 5 million francs as a result in particular of both lower marketing and communication expenses and lower capital tax.
The use of credit cards again increased slightly year-on-year, but remains below our expectations due to the limitations on travel during the coronavirus pandemic. Overall, the impact of the coronavirus pandemic on the result for the first half of 2021 totalled around 31 million francs.