PostFinance: Quarterly results PostFinance still in the fast lane

Between January and the end of September, PostFinance attracted 99,000 new customers (up 4%). It also saw a surge in new account openings, with the number of customer accounts rising by 199,000 to 3.85 million (up 5%). The percentage of newly opened accounts falls just short of the year-back figure (225,000 accounts), which was unusually high owing to the financial crisis. Since the start of the year, PostFinance has increased its customer deposits by CHF 19 bn to CHF 72 bn. Capital growth has been experienced in all market segments: payments are up by CHF 5.6 bn, savings by CHF 5.5 bn, investments by CHF 7.7 bn and retirement provision by CHF 0.5 bn. Since the beginning of 2005, PostFinance has thus doubled its customer deposits.

Substantial increase in earnings

In a persistently difficult financial market, PostFinance generated a gratifying profit of around CHF 350 m. This is 75% more than in the first nine months of 2008. Despite the low rate of interest on the financial markets, a significant contribution was made by net interest income, which was up almost CHF 200 m on the same period last year. Profit from the trading and commission business was maintained at more or less the same level. On the expenditure front, staff costs rose by almost CHF 30 m to CHF 288 m owing to the increased headcount. So far there have been no real negative consequences following the writedowns. Thanks to a conservative investment policy, these amount to just CHF 37 m – a mere 0.05% of the overall investment amount.

Number of jobs on the rise

For many years, PostFinance has created around 150 new jobs a year. This trend has continued in the present year. Following the creation of 119 new full-time jobs, headcount rose to 3,008. This number is set to increase in the coming years with the creation of several hundred new jobs in Sales and Customer Service.