Raiffeisen increases profit significantly in 2023
Published: Thursday, Mar 7th 2024, 07:10
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The Raiffeisen Group significantly increased its profit in 2023. The banking group benefited from strong interest business, but also made gains in the investment and corporate client business.
At CHF 1.39 billion, Group profit was 17.7 percent higher than the previous year's result, as Switzerland's second-largest banking group announced on Thursday. The operating result even increased by 26 percent to 1.71 billion francs.
The Raiffeisen banks generated total income of CHF 4.1 billion last year, 15.3 percent more than in the previous year. As with the other domestic banks, this was driven by the interest business, where net income rose by almost 21% to CHF 3.07 billion. Income from the commission and services business (+5.6%) was also up on the previous year, while trading income (+0.5%) increased only slightly.
Mortgage receivables rose by a further 3.6 percent to 211.0 billion Swiss francs. The banking group was thus able to slightly expand its position, according to Raiffeisen. According to the press release, the market share in the Swiss mortgage business rose to 17.8 percent after 17.6 percent in the previous year.
Customer deposits grew more modestly, increasing by 1.5% to CHF 207.8 billion. This increased the market share of Raiffeisen institutions to 15.1% (previous year: 14.5%).
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