Annual Report

Information on the income statement

23 – Result from commission business and services

Net income from commission business and service transactions
in 1,000 CHF20192020
Commission income
Commission income from securities trading and investment activities
Custody account business 64,90965,558
Brokerage63,48774,025
Fund business and asset management business107,360125,132
Other securities trading and investment activities107,01098,138
Commission income from lending activities21,70225,210
Commission income from other services
Payments164,105144,779
Account maintenance 29,61939,721
Other services35,86839,294
Total commission income 594,060611,857
Commission expense
Securities business -80,491-73,195
Payments -77,680-61,861
Other commission expense-19,854-25,707
Total commission expense-178,025-160,763
Total results from commission business and services 416,035451,094

24 – Result from trading activities and
the fair value option

24.1 – Breakdown by business area

Result from trading activities and the fair value option

Breakdown by business area

in 1,000 CHF20192020
Raiffeisen Switzerland Cooperative79,35877,457
Raiffeisen banks133,240124,243
Group companies15,45612,994
Total result from trading activities and the fair value option228,054214,694

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

Result from trading activities and the fair value option
Breakdown by underlying risk and based on the use of the fair value option

in 1,000 CHF20192020
Result from trading activities from:
Foreign exchange trading 137,024133,304
Precious metals and foreign notes and coins trading 51,73937,936
Equities trading 6,6986,418
Fixed income trading32,59337,036
Other--
Total result from trading activities and the fair value option228,054214,694
of which, from fair value option15,23213,135
of which, from fair value option on assets 46,27019,691
of which, from fair value option on liabilities -31,038-6,556

25 – Income from participations

Income from participations

in 1,000 CHF20192020
Participations valued according to the equity method 39,86326,490
Other non-consolidated participations 24,4055,181
Total income from participating interests 64,26831,671

26 – Negative interest

Negative interest

in 1,000 CHF2019120201
Negative interest on lending business (Reduction in interest and discount income)75,67286,773
Negative interest on deposit-taking business (Reduction in interest expense)81,188162,735
1 Negative interest relates primarily to hedging transactions and transactions with banks.

27 – Personnel expenses

Personnel expenses

in 1,000 CHF20192020
Meeting attendance fees and fixed compensation to members of the banking authorities 24,49523,932
Salaries and benefits for staff 1,061,4431,067,761
AHV, IV, ALV and other statutory contributions 98,95699,571
Contributions to staff pension plans118,341119,503
Other personnel expenses28,49626,240
Total personnel expenses 1,331,7311,337,007

28 – General and administrative expenses

General and administrative expenses

in 1,000 CHF20192020
Office space expenses84,48587,106
Expenses for information and communications technology106,799108,924
Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses27,02625,606
Fees of audit firms11,24210,698
of which, for financial and regulatory audits10,66910,308
of which, for other services573390
Other operating expenses1308,909247,300
Total general and administrative expenses538,461479,634
1 Account classification has been slightly modified in comparison to the previous year, and the previous year's figures have been adjusted accordingly.

29 – Extraordinary income and expenses

Current year

The extraordinary income of CHF 5.8 million includes profits from the sale of tangible fixed assets of CHF 4.1 million.

The extraordinary expenses of CHF 2.1 million include losses from the sale of tangible fixed assets of CHF 0.4 million.

Prior year

The extraordinary income of CHF 10.0 million includes profits from the sale of tangible fixed assets of CHF 3.6 million. Furthermore, CHF 5.2 million was credited from the integration of ARIZON Sourcing Ltd, which is currently in liquidation.

The extraordinary expenses of CHF 3.3 million include losses from the sale of tangible fixed assets of CHF 2.6 million.

30 – Current and deferred taxes

Current and deferred taxes

in 1,000 CHF20192020
Creation of provisions for deferred taxes33,05541,217
Release of provisions for deferred taxes-74,209-52,119
Expenses for current taxes152,961130,226
Total tax expenses111,807119,324
Average tax rate weighted on the basis of the operating result12.0%12.3%

Tax loss carry-forwards exist at Raiffeisen Switzerland and some Group companies. The taxable net profit of the previous year could be partially offset against tax loss carryforwards not yet utilised. The impact of these offsets on the Raiffeisen Group’s tax expense is insignificant.