Profit of CHF 890,000, customer deposits increase by CHF 32.6 million: Raiffeisenbank Münchwilen-Tobel presents a pleasing annual result
Raiffeisenbank Münchwilen-Tobel closes 2021 with a positive balance sheet.
(red) “Thanks to the high level of trust placed in it by its customers, Raiffeisenbank Münchwilen-Tobel was able to further expand its strong position in customer business in 2021.” With this sentence, Raiffeisenbank opens the media release on its annual results. Customer deposits increased by 6.7 percent to CHF 518.3 million. The refinancing of loans through customer deposits reached a very high level of 99.12 percent. Custody assets also increased significantly. As of December 31, 2021, the portfolio amounted to CHF 120.7 million.
With the exception of interest income (–1.52 percent), the income items developed positively in the past financial year. The optimism regarding the economic recovery as well as the trust in Raiffeisen’s investment competence led to higher transaction volumes among investors. The notification goes on to say:
“The bank would like to build on this strength and further develop the business area of provision and investment in line with the ‘Raiffeisen 2025’ strategy.”
Positive development of the income statement
Income from the commission and service business has improved significantly compared to the previous year and increased by 23.1 percent to just over one million francs in the 2021 financial year. At CHF 0.352 million, trading income was CHF 62,000 higher than in the previous year. The developments on the expenses side are also pleasing. At CHF 4.02 million, operating expenses in the year under review were 2.3 percent lower than in the previous year.
While material expenses rose by 5.6 percent, personnel expenses fell by 6.6 percent. The cost-income ratio improved in comparison to the previous year from 57.52 percent to 56.48 percent and is thus “on a good level, even compared to the industry sector”. Scheduled depreciation of property, plant and equipment amounted to CHF 0.465 million. Thus, a business success of 2.697 million francs could be booked.
Loans continue to rise
Raiffeisenbank Münchwilen-Tobel was able to maintain its market share in the mortgage business. Other receivables from customers increased by CHF 4.055 million to CHF 26.291 million. This also includes the Covid-19 loans to local companies that were paid out in the previous year as part of the federal guarantee program. Some of the Covid-19 loans have already been repaid. Thanks to the prudent lending policy and the relatively quickly recovering economic environment, there was no need for increased value adjustments at the end of 2021.
Overall, the Raiffeisen bank reported annual profits of CHF 890,000 for the 2021 financial year. “With the profit generated, Raiffeisenbank is once again strengthening its stable equity base and is therefore well positioned for the coming years,” the statement concludes.