Annual Report

Information on the income statement

Result from commission business and services

in 1,000 CHF20202021
Commission income
Commission income from securities trading and investment activities
Custody account business 65,55877,647
Brokerage74,02581,732
Fund business and asset management business125,132171,175
Other securities trading and investment activities98,13875,558
Commission income from lending activities25,21028,706
Commission income from other services
Payments144,779147,948
Account maintenance 39,72141,873
Other services39,29438,024
Total commission income 611,857662,663
Commission expense
Securities business -73,195-55,366
Payments -61,861-57,526
Other commission expense-25,707-13,697
Total commission expense-160,763-126,589
Total results from commission business and services 451,094536,074

24.1 – Breakdown by business area

Result from trading activities and the fair value option
Breakdown by business area
in 1,000 CHF20202021
Raiffeisen Switzerland Cooperative77,45786,634
Raiffeisen banks124,243144,322
Group companies12,99413,674
Total result from trading activities and the fair value option214,694244,630

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 CHF20202021
Result from trading activities from:
Foreign exchange trading 133,304161,584
Precious metals and foreign notes and coins trading 37,93635,026
Equities trading 6,4185,814
Fixed income trading37,03642,206
Other--
Total result from trading activities and the fair value option214,694244,630
of which, from fair value option13,13514,226
of which, from fair value option on assets 19,6913,110
of which, from fair value option on liabilities -6,55611,116

Income from participations

in 1,000 CHF20202021
Participations valued according to the equity method 26,49062,665
Other non-consolidated participations 5,18110,649
Total income from participating interests 31,67173,314

26 – Information on material refinancing income in interest and discount income, plus material negative interest

Interest income and negative interest
in 1,000 CHF20202021
Interest and dividend income
Interest income from amounts due from banks-4,634-2,523
Interest income from securities financing transactions-56-16
Interest income from amounts due from clients119,677113,657
Interest income from mortgage loans2,594,7952,501,569
Interest and dividend income from financial investments33,27325,306
Other interest income23,94019,528
Total interest and dividend income2,766,9952,657,521
of which negative interest on the lending business1-86,773-107,082
Interest expenditure
Interest expenditure from amounts due to banks 31,30761,079
Interest expenditure from securities financing transactions38,41451,616
Interest expenditure from amounts due to clients -128,713-74,913
Interest expenditure from cash bonds-3,190-2,289
Interest expenditure from bond issues and central mortgage institution loans-281,438-238,756
Other interest expenses-73,775-52,358
Total interest expenditure-417.395-255,621
of which negative interest on the borrowing business1162,735237,784
Gross result from interest operations2,349,6002,401,900
1 Negative interest relates primarily to hedging transactions and transactions with banks.

Information on material refinancing income

No material refinancing income was generated in the year under review, or in the previous year.

Personnel expenses

in 1,000 CHF20202021
Meeting attendance fees and fixed compensation to members of the banking authorities 23,93224,297
Salaries and benefits for staff 1,067,7611,107,189
AHV, IV, ALV and other social benefits99,571109,697
Contributions to staff pension plans119,503122,249
Other personnel expenses26,24028,278
Total personnel expenses 1,337,0071,391,710

General and administrative expenses

in 1,000 CHF20202021
Office space expenses87,10680,881
Expenses for information and communications technology108,924112,217
Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses25,60623,921
Fees of audit firms10,6987,454
of which, for financial and regulatory audits10,3087,181
of which, for other services390273
Other operating expenses 247,300278,493
Total general and administrative expenses479,634502,966

29 – Explanations of material losses, extraordinary income and expenses, reserves for general banking risks, and value adjustments and provisions released

Year under review

  • The extraordinary income of CHF 8.6 million includes profits from the sale of tangible fixed assets of CHF 7.5 million.
  • The extraordinary expenses of CHF 0.9 million include losses from the sale of tangible fixed assets of CHF 0.7 million.
  • There were no material value adjustments or provisions released.

Previous 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.
  • There were no material value adjustments or provisions released.

Current and deferred taxes

in 1,000 CHF20202021
Creation of provisions for deferred taxes41,21752,513
Release of provisions for deferred taxes-52,119-13,238
Expenses for current taxes130,226143,717
Total tax expenses119,324182,992
Average tax rate weighted on the basis of the operating result12.3%14.4%
Tax loss carry-forwards exist at Raiffeisen Switzerland and some Group companies. The taxable net profit of the previous year was partially offset against tax loss carry-forwards not yet utilised. The impact of this offsetting on the Raiffeisen Group’s tax expense is insignificant.