PostFinance can look back on a successful first half in 2010: it generated a profit of CHF 274m (+37% over the prior-year period).This is due to higher customer assets, success in the investment business and to systematic cost discipline. The number of new customers and customer deposits went up in line with the profit trend. 53,000 new customers opened 87,000 new accounts in the first six months of the year. 2.7m customers currently entrust their money to PostFinance, which manages four million accounts.

PostFinance said it enjoys a high level of trust among the public. This is seen clearly in the trend in average assets under management, which amounted to CHF 81.6bn in mid-year or CHF 8.3bn more than the 2009 yearly average. The growth trend during the first six months was very steady. PostFinance has therefore succeeded in further increasing customer deposits, after the peak of the financial crisis.

The mortgage volume rose in the reporting period by CHF 251m to CHF 2.92bn (end-2009: CHF 2.67bn). Together with extensions for existing customers, the volume of mortgages granted amounted to CHF 576m. Despite fiercer competition among mortgage lenders, PostFinance will continue its conservative approach to risk together with its partner, Münchener Hypothekenbank. This approach is paying off, as PostFinance has not reported any mortgage defaults so far.

PostFinance has been one of the biggest employment providers in Switzerland for years. This encouraging trend has continued this year. With 158 new jobs created, headcount throughout Switzerland has risen to 3,200.Since the end of 1998, PostFinance has doubled the number of employees. Headcount continues to expand: over the next few years, there are plans to develop sales for private and SME customers and customer service.

Source: PostFinance

Tags: financial results, PostFinance, Swiss Post, Switzerland