The current PostFinance Ltd Interim Report
PostFinance generated earnings before tax (EBT) as per Group IFRS guidelines of 125 million francs in the first half of 2018. The fall of 247 million francs yearon-year was principally due to the 102 million franc decline in the result from the interest differential business. In addition, a one-off gain from the sale of two equity portfolios amounting to 109 million francs had a positive effect in the prior-year period. The decline in the result is in line with our expectations due to the persistently low interest rates on the money and financial markets. This negative trend looks set to continue in the coming years as current high interest-bearing bonds from earlier investments reach maturity, but can only be reinvested for very low returns.