Raiffeisenbank Wegenstettertal ended the year 2022 with positive results: the bank's main business continued to develop, mortgage receivables increased to CHF 317.2 million, and the provision and investment business expanded considerably. The ensuing yearly profit of CHF 0.50 million remained unchanged from the previous year.
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| Raiffeisenbank |
In the fiscal year under review, Raiffeisenbank Wegenstettertal had good performance. This is revealed in a report on the impending customer event on April 1st. "Successful and steady" is the title. As a result, the bank was able to strengthen its position in the client business.
Mortgage applications increased by CHF 11.1 million, or 3.6 percent. The custody account was worth CHF 37.4 million as of December 31, 2022. It was CHF 34.1 million the prior year. "Despite the uncertain market environment, it is heartening that many clients have opened a new custody account and are making their investments with Raiffeisenbank Wegenstettertal," says the bank.
The earnings position has improved. The net result from the interest business declined by 0.37 million francs, or 8.9 percent, to 3.78 million francs, but "the development in the indifferent business is very pleasant," the company notes.
Commission and service revenue increased by CHF 0.13 million, or 37.6 percent, to CHF 0.47 million. Despite the "volatile market environment," the trading company profit was CHF 0.24 million, up from the previous year. That was CHF 0.18 million at the time. Operating income was nearly maintained at the previous year's level of CHF 4.69 million thanks to the growth of new sources of revenue.
The costs increased in the fiscal year 2022, as projected. On the one hand, Raiffeisenbank Wegenstettertal was once again able to host customer events and, through sponsorship pledges, supported local initiatives and groups. She has also enhanced her consulting teams. Raiffeisenbank Wegenstettertal had 19 workers at the end of the year, two of them were trainees.
The bank, on the other hand, invested "in the extension of physical and digital customer closeness," as it is also known. Human expenditures grew by 0.26 million Swiss francs, while material expenses climbed by 0.13 million Swiss francs. This expense increase increased the so-called cost-income ratio from 66.6 percent to 69 percent as compared to the same time the prior year.
Property, plant, and equipment depreciation was scheduled at CHF 0.27 million. Despite a 13.7 percent rise in expenditures, the company made a million franc profit - up from 1.62 million francs the previous year.
Raiffeisenbank Wegenstettertal's business volume is continually increasing. Customer deposits declined by 3.1 million francs (-0.99 percent) to 308.0 million francs "due to the negative interest rate environment, which meant that we behaved carefully and client money were more invested in securities," according to the bank.
By the end of the year, the mortgage volume had climbed by CHF 11.1 million to CHF 317.2 million. Other customer receivables decreased from 2.2 million francs to 2 million francs. This financial sheet item also includes the Covid-19 loans to local firms made possible by the federal guarantee program for fiscal 2020. These Covid-19 loans have now been largely returned according to the agreed-upon payback schedule. Raiffeisenbank Wegenstettertal had no additional requirement for value adjustments for impaired receivables at the end of the year.
Source: Aargauer Zeitung