Information on the income statement

22. Results from commission business and services

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Commission income

 

 

Commission income from securities trading and investment activities

 

 

Fund business

91,658

106,353

Custody account business

76,223

75,021

Brokerage

74,967

83,605

Asset management business

74,664

66,179

Other securities trading and investment activities

38,052

25,856

Commission income from lending activities

17,643

18,012

Commission income from other services

 

 

Payments

148,934

142,285

Account maintenance

24,876

25,195

Other services

40,608

36,349

Total commission income

587,625

578,855

Commission expense

 

 

Securities business

-41,942

-38,704

Payments

-67,227

-65,284

Other commission expense

-11,704

-12,182

Total commission expense

-120,873

-116,170

Total results from commission business and services

466,752

462,685

23. Result from trading activities and the fair value option

23.1 Breakdown by business area

 

 

 

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Raiffeisen Switzerland Cooperative

84,222

75,960

Raiffeisen banks

119,061

119,515

Group companies

24,656

13,859

Total result from trading activities

227,939

209,334

23.2 Breakdown by underlying risk and based on the use of the fair value option

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Result from trading activities from

 

 

Foreign exchange trading

129,076

129,482

Precious metals and foreign notes and coins trading

66,475

58,006

Equities trading

994

3,245

Fixed income trading

31,394

18,601

Total result from trading activities

227,939

209,334

of which, from fair value option

10,198

3,281

of which, from fair value option on assets

62

of which, from fair value option on liabilities

10,136

3,281

24. Income from participating interests

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Participations valued according to the equity method

47,332

40,869

Other non-consolidated participations

19,805

39,498

Total income from participating interests

67,137

80,367

25. Negative interest

 

Current year 1 in 1,000 CHF

Previous year 2 in 1,000 CHF

Negative interest on lending business (Reduction in interest and discount income)

53,681

Negative interest on deposit-taking business (Reduction in interest expenditure)

55,882

 

 

 

1 Negative interest during the current year relates primarily to hedging transactions and transactions with banks.

2 In the previous year, negative interest on lending business and deposit-taking business was insignificant.

26. Personnel expenses

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Meeting attendance fees and fixed compensation to members of the banking authorities

24,416

24,640

Salaries and benefits for staff

1,094,007

1,066,165

AHV, IV, ALV and other statutory contributions

97,861

94,129

Contributions to staff pension plans

119,713

111,516

Other personnel expenses

45,135

33,346

Total personnel expenses

1,381,132

1,329,796

27. General and administrative expenses

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Office space expenses

96,469

93,521

Expenses for information and communications technology

106,767

88,279

Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses

28,406

27,220

Fees of audit firms

13,248

13,241

– of which, for financial and regulatory audits

13,074

12,998

– of which, for other services

174

243

Other operating expenses

361,570

335,388

Total general and administrative expenses

606,460

557,649

28. Extraordinary income and expenses

Current year

The extraordinary income of CHF 75.1 million mainly consists of CHF 72.7 million in income from the sale of tangible fixed assets and participations (of which CHF 63.7 million came from the sale of the Vescore Group).

The extraordinary expenses of CHF 4.2 million include losses from the sale of tangible assets of CHF 3.8 million.

Previous year

The extraordinary income of CHF 66.9 million mainly consists of CHF 66.0 million in income from the sale of tangible assets and participations (of which CHF 61.9 million from the sale of Leonteq Ltd shares).

The extraordinary expenses of CHF 3.3 million include losses from the sale of tangible assets of CHF 3.0 million.

29. Current and deferred taxes

 

Current year in 1,000 CHF

Previous year in 1,000 CHF

Creation of provisions for deferred taxes

20,651

37,435

Expenses for current taxes

153,117

163,257

Total tax expenses

173,768

200,692

Average tax rate weighted on the basis of the operating result

20.3%

21.3%

Tax loss carryforwards exist at several Raiffeisen banks and Group companies. It was possible to set off the previous year’s tax-relevant net profit against tax loss carryforwards that had not yet been used. The influence on the tax expenditure of the Raiffeisen Group is insignificant.