In the difficult Corona year 2020, Raiffeisen Switzerland was able to increase profit, not least thanks to 37,000 new customers.
Raiffeisen Switzerland managed its business prudently last year. Group profit rose by 3.1 percent to 861 million Swiss francs ($936 million), according to a statement on Thursday. This is the result of a very good operating business, St. Gallen-based company said.
Operating profit increased by 37.9 million francs to 967 million francs. The group added about 37,000 new customers in all regions of Switzerland, it was further reported. Client assets increased by a total of 16.8 billion francs to 224 billion francs.
Encouraging Development
Mortgage loans increased by 2.7 percent, continuing the targeted growth in line with the market. Raiffeisen, Switzerland's third-largest bank, made striking progress in the area of pensions and investments, where a doubling of asset management mandates and more than 20 percent growth in fund savings plan and pension deposits were achieved.
The cost-income ratio improved from 61.3 percent to 59.4 percent, the bank also said. «Raiffeisen has demonstrated stability in a challenging environment. The individual business areas developed encouragingly along with the strategic priorities – in particular, a marked increase was achieved in the pension and investment business,» said Heinz Huber, CEO of Raiffeisen Switzerland.
