Annual Financial Statements

Information on the income statement

Net oncome from commission business and service transactions
in 1,000 CHF20212022
Commission income
Commission income from securities trading and investment activities
Custody account business 77,64791,779
Brokerage81,73254,549
Fund business and asset management business171,175187,276
Other securities trading and investment activities75,55861,343
Commission income from lending activities28,70630,617
Commission income from other services
Payments147,948217,823
Account maintenance 41,87363,001
Other services38,02439,707
Total commission income 662,663746,095
Commission expense
Securities business -55,366-37,849
Payments -57,526-103,050
Other commission expense-13,697-13,844
Total commission expense-126,589-154,743
Total results from commission business and services 536,074591,352

24.1 – Breakdown by business area

Result from trading activities and the fair value option
Breakdown by business area
in 1,000 CHF20212022
Raiffeisen Switzerland Cooperative86,63476,182
Raiffeisen banks144,322173,426
Group companies13,6744,706
Total result from trading activities and the fair value option244,630254,314

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 CHF20212022
Foreign exchange trading 161,584179,515
Precious metals and foreign notes and coins trading 35,02649,320
Equities trading 5,81413,452
Fixed income trading42,20612,027
Other--
Total result from trading activities and the fair value option244,630254,314
of which, from fair value option14,2265,723
of which, from fair value option on assets 3,110-13,037
of which, from fair value option on liabilities 11,11618,760
Income from participating interests
in 1,000 CHF20212022
Participations valued according to the equity method 62,66584,912
Other non-consolidated participations 10,6498,068
Total income from participating interests 73,31492,980

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

Result from interest operations and negative interest

in 1,000 CHF20212022
Interest and dividend income
Interest income from amounts due from banks-2,52387,713
Interest income from securities financing transactions-16444
Interest income from amounts due from clients113,657124,918
Interest income from mortgage loans2,501,5692,523,480
Interest and dividend income from financial investments25,30639,873
Other interest income19,528280,618
Total interest and dividend income2,657,5213,057,046
of which negative interest on the lending business1-107,082-161,164
Interest expense
Interest expense from amounts due to banks 61,079-129,954
Interest expense from securities financing transactions51,616-5,116
Interest expense from amounts due to clients -74,913-105,771
Interest expense from cash bonds-2,289-1,457
Interest expense from bond issues and central mortgage institution loans-238,756-244,127
Other interest expense-52,358-1,243
Total interest expense-255,621-487,668
of which negative interest on the borrowing business1237,784157,654
Gross result from interest operations2,401,9002,569,378
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 CHF20212022
Meeting attendance fees and fixed compensation to members of the
banking authorities
24,29725,824
Salaries and benefits for staff 1,107,1891,126,956
AHV, IV, ALV and other social benefits109,697117,512
Contributions to staff pension plans122,249127,559
Other personnel expenses28,27831,155
Total personnel expenses 1,391,7101,429,006

General and administrative expenses

in 1,000 CHF20212022
Office space expenses80,88183,849
Expenses for information and communications technology112,217116,237
Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses23,92123,912
Fees of audit firms7,4547,447
of which, for financial and regulatory audits7,1817,250
of which, for other services273197
Other operating expenses 278,493311,582
Total general and administrative expenses502,966543,027

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 33.6 million consists of income from the sale of tangible fixed assets (CHF 5.7 million) and participations worth CHF 26.5 million (of which CHF 18.0 million came from the sale of the participation in responsAbility Investments AG and CHF 8.5 million from the sale of Liiva AG).     
  • Extraordinary expenses of CHF 9.8 million include losses from the disposal of tangible fixed assets totalling CHF 3.9 million and from the deconsolidation of a participation in the amount of CHF 5.5 million.   
  • There were no material value adjustments or provisions released.

Previous year

  • 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.

Current and deferred taxes

in 1,000 CHF20212022
Creation of provisions for deferred taxes52,51333,717
Release of provisions for deferred taxes-13,238-6,554
Capitalisation of deferred taxes on loss carry-forwards--6,945
Expenses for current taxes143,717175,940
Total tax expenses182,992196,158
Average tax rate weighted on the basis of the operating result14.4%14.5%

Tax loss carry-forwards exist at Raiffeisen Switzerland and some Group companies. The taxable net profit for 2022 was partially offset against unused tax loss carry-forwards. In the year under review, deferred taxes in the amount of CHF 6.9 million were capitalised.