PostFinance, the Swiss Post financial services division, achieved new records in terms of profitand new customers last year.
The unit’s pre-tax profits reached a new record of CHF 447.8 million, which were nearlydouble the previous year’s level of CHF 236 million. Post Finance showed strong growth in allareas, including customer numbers, the level of deposits, funds and securities, private mortgagesand business loans.
Although the interest rate level remains at a modest level, PostFinance increased itsinterest result (after write-downs) to CHF 905 million in 2009 (2008: CHF 598 million). The mainfactors were higher customer deposits, lower interest expenses and the long-term, cautiousinvestment strategy, thanks to which write-downs declined to CHF 54 million (2008: CHF 189million).
The number of customers rose by 126,000 to 2.63 million and the volume of deposits grew toCHF 73 billion from CHF 53 billion the previous year. Last year, the financial arm of Swiss Postcreated 153 new full-time jobs.
In the next few years, PostFinance intends to continue growing profitably and to advance fromits position as Switzerland’s fifth-largest financial institution to become one of the top three.At the same time, it wants to retain its leadership in the Swiss payments business.
The 2009 results for the overeall Swiss Post group will be announced on 24 March.
