Raiffeisen achieves record profits
St.Gallen – The Raiffeisen banking group generated more than 400 million Swiss francs in the first half of 2017, the first time ever such an amount has been reached. New records were also set for business income.
Raiffeisen increased its profits by 18.4 per cent over the same period last year to reach 434 million Swiss francs. Business income increased by 14.5 per cent to 532 million francs, while operating income grew by 7 per cent increase to reach 1.629 billion francs.
According to a Raiffeisen statement, commercial transactions and the rest of ordinary business played a large role in this growth. Mortgages and liabilities on customer deposits also continued to grow.
“The record-high first half year reveals the high earning power of Raiffeisen banks. We are particularly pleased by the positive momentum in the investment business, but the mortgage business has also grown steadily. The fact that we could achieve this volume expansion without higher risk makes us especially proud,” said Raiffeisen Switzerland CEO Patrik Gisel.
Raiffeisen is expecting the core business to continue to develop positively in the future, and barring any political or economic events with a negative impact in the second half of the year, 2017’s profits will exceed those of last year.
The rating agency Moody’s gave a stable outlook with its recently renewed Aa2 rating.