Abbreviated notes to the interim financial statements
Changes to the accounting and valuation principles and possible corrections
No material changes have been made to the accounting and valuation principles.
No corrections of potential accounting mistake have been made.
Information regarding factors impacting the economic situation during the reporting period in comparison to the prior year
There is no information regarding factors that have materially impacted the economic situation of the Raiffeisen Group. The corporate governance turmoil at Raiffeisen Switzerland do not show effect in the figures of the Raiffeisen Group.
Extraordinary income and expenses
Extraordinary income stood at CHF 7.3 million, a year-on-year decrease of CHF 3.3 million. It mainly includes income from the sale of tangible fixed assets and income from the sale of Notenstein La Roche Private Bank Ltd’s Eastern Europe business. Extraordinary expenses of CHF 3.0 million (+CHF 0.3 million) mainly comprise CHF 2.4 million in losses from the sale of tangible fixed assets.
Material events after the cut-off day of the interim financial statements
Notenstein La Roche Private Bank Ltd was sold to Vontobel as of 2 July 2018. The transaction will mainly be reflected in the Group accounts in the second half of 2018. The known costs are already included in the interim financial statements as operating expenses.
On 18 July 2018, the Chairman of the Executive Board of Raiffeisen Switzerland announced that he will resign and leave the bank as of the end of 2018.