Postfinance posts lower operating result after nine months
Published: Tuesday, Nov 21st 2023, 11:31
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Postfinance felt the impact of the interest rate turnaround in the first nine months of the year and posted a lower operating profit. However, the financial subsidiary of Swiss Post is optimistic in view of the improved interest margin.
From January to September 2023, Postfinance generated an operating profit of 200 million francs, compared to 218 million francs in the previous year, according to the nine-month financial statements published by Swiss Post on Wednesday. Rising interest rates on the capital market and interest on balances at the Swiss National Bank (SNB) have not yet compensated for the loss of income from the negative interest rate environment.
However, operating income improved to 1437 million francs in the reporting period (previous year: 1191 million francs). Postfinance now expects that the interest margin will increase in the current interest rate environment and that the earnings situation will therefore "continuously improve".
Postfinance has also noted a high level of customer confidence. Compared to the end of 2022, however, customer assets fell by a good 0.6 billion to 104.0 billion francs. At the end of September, the Swiss Post subsidiary had a total of 2.47 million customers compared to 2.46 million last year.
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