Tag: Postbank

Postbank reports positive Q1 figures (GER)

Posted by | May 8, 2008 | |

Deutsche Postbank AG is reporting positive results and further growth in its operating business in the first three months of 2008.
The Bonn-based bank increased sales of checking account and savings products and generated a record high number of new private loans in the first quarter, as well as improving its core operating figures – net interest income and net fee and commission income – as against the same period of the previous year. By contrast, net trading income and net income from investment securities declined due to the effects of the capital market crisis.
In the first three months of 2008, profit before tax fell by 25.2 pct year-on-year to EUR 166 million as a result of the turbulent market environment. Accordingly, the return on equity before taxes also declined from 17.0 pct at March 31, 2007 to 13.2 pct at March 31, 2008. The cost-income ratio improved from 69.4 pct to 73.9 pct in the same period, while the figure for Postbank”s traditional banking business (excluding Transaction Banking) rose from 67.3 pct to 71.8 pct.
In the first three months, Postbank increased the number of free checking accounts sold by 133,000 or 13.7 pct. At the end of the quarter, the Bank managed a total of 4.9 million private checking accounts for its customers. The strategic focus on value-oriented volume growth in Postbank’s savings business, which was announced in late 2007, also started to bear fruit: the volume of traditional savings deposits increased by around EUR 0.5 billion as against year-end 2007 to total EUR 44.4 billion.
The home savings volume also developed positively despite the downturn in the market as a whole, with a new contract volume of EUR 2.81 billion in the first three months of 2008 – up 2.4 pct on the same period of the previous year.
Postbank recorded the highest volume of new private loans since the launch of its Privatkredit product, with a year-on-year increase of almost 73 pct to EUR 380 million. At EUR 2.46 billion, the total private lending volume at March 31, 2008 was 7.4 pct higher than at the end of 2007.

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An Post reports 7 pct rise in revenues

Posted by | Apr 29, 2008 | |

An Post has today reported a 7 per cent or EUR 57.2 million rise in revenues to EUR 876 million last year, helped by an increase in mail during the general election.

The postal service’s operating profit before exceptional items increased to EUR 29.1 million compared with EUR 14.7 million during the pervious year.

The company said delivery of items purchased online, and exceptional volumes generated during the election contributed to a growth in the volume of mail delivered.

Increases in the cost of postage introduced in March 2007 had contributed to an growth in revenue from mail delivery.

The company said wages and other staff costs increased EUR 32 million to EUR 600.9 million, with labour costs for its 9,905 staff rising as a result of the implementation of national wage agreements.

To meet the cost of the additional production hours associated with the general election the company incurred once off costs of EUR 10.7 million. This total included an agreement reached with postmasters this year.

Over the year the average number of staff employed declined by about 90.

Other operating costs rose by 6.3 per cent to EUR 245.9 million reflecting an increased marketing spend and upgrading of the An Post fleet.

The accounting deficit in An Post’s pension scheme showed a deficit of EUR 114 million last year, down from EUR 193 million the previous year.

Last year also marked the start of the 50-50 Postbank joint venture with Fortis which will is offering banking services out of more than 250 post offices.

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Deutsche Postbank CEO calls for speedy sale of bank

Posted by | Mar 17, 2008 | |

Deutsche Postbank AG’s Chief Executive Wolfgang Klein said he wants the German retail bank to be sold by the end of this year, or even sooner, according to an interview in Frankfurter Allgemeine Zeitung.

The newspaper also cited sources close to parent company Deutsche Post World Net AG as saying an investment bank, likely to be Morgan Stanley, will soon be commissioned to find a buyer for the company.

Klein said the bank should be sold to a company that can create the most value in the long term through lifting synergies and boosting market share to 20 pct, according to the newspaper.

‘I know who my favourite partner is,’ Klein said, adding: ‘But first of all I’m not the one selling, and second, I would weaken my position if I said who it is.’ Deutsche Post holds a 50 pct plus one share stake in Postbank.

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TNT Post to strengthen retail network

Posted by | Mar 5, 2008 | |

TNT Post, part of TNT N.V., published a press release announcing the opening of 750 new sales outlets in shops in the Netherlands. TNT Post’s current services at 1850 shops will remain unchanged, providing consumers in the future 2600 points at which to transact postal business. The press release also states the joint intention of TNT Post and Postbank to transfer their services from the 250 main post offices to existing and new locations in their own networks by the end of 2012. This will involve discontinuing their partnership in Postkantoren BV (a 50/50 joint venture of TNT Post and Postbank), but continuing to work together at 550 of the in total 2600 locations in shops.

With the announced strengthening of the retail network TNT Post wants to further improve its service on the Dutch market. The increase of the number of sales outlets will enable customers to do their postal business closer to home. Having more shop-based sales outlets will improve customer satisfaction with regard to opening hours, waiting times and accessibility.

TNT Post estimates that in 2008 the restructuring costs involved in discontinuing the existing joint venture in Postkantoren BV is expected to be around EUR 70 million before taxes. Furthermore it is expected that, as the result of one-off items and the savings achieved, the expansion and modification of TNT Post’s retail network from 2009 through to 2012 can be achieved with a slightly cash positive balance. From 2013, full implementation of these plans is expected to contribute a structural annual operational cost saving of EUR 45 million compared to the level of 2007. From these cost savings an amount of EUR 25 million comes on top of the earlier communicated savings target for master plans of EUR 370 million in the period 2007 – 2015. As a result the target is increased to EUR 395 million euro.

TNT Post and Postbank will make available the financial resources necessary for Postkantoren BV to offer a social plan aimed at guiding all employees into new jobs and avoiding forced redundancies as much as possible.
A request for advice on these plans will shortly be submitted to the Works Council.

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Postbank and TNT Post focus on own sales outlets

Posted by | Mar 5, 2008 | |

TNT Post and Postbank will be concentrating on their own sales outlets for handling postal and banking business. Both companies announced their intention to transfer their combined services presently offered at the head post offices to their own TNT Post and Postbank locations over the next five years. The current arrangement of head post offices will disappear. The sales outlets in shops where TNT Post and Postbank now jointly offer their services will remain unchanged. With this plan, TNT Post and Postbank are responding to the market trend and catering to the changing demands of the Dutch consumer. The aim of the move for TNT Post and Postbank is to improve the services offered to their own customers.
The new initiatives implemented in recent years by TNT Post and Postbank aimed at catering to changing consumer requirements by locating the services where the consumer now expects to find these have proven very successful, resulting in the growth in the number of customers, customer satisfaction and sales. Over the last few years, the number of head post offices has been cut back from over 2,000 to 250.
Over the next five years, the focus on own sales outlets will result in the disappearance of the activities of the head office of Postkantoren BV in Utrecht and in the 250 remaining head post offices, accompanied by the loss of 1,850 jobs. The two shareholders, TNT Post and Postbank, will make available the financial resources necessary for Postkantoren BV to offer a social plan aimed at guiding all employees into new jobs and avoiding compulsory redundancy as much as possible. A request for a formal opinion on these plans will shortly be submitted to the works councils concerned.

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