Swiss Post starts the year on a positive note
In the first quarter of 2024, Swiss Post generated operating profit (EBIT) of 87 million francs, which is 17 million francs more than the previous year’s figure. Group profit is also up year-on-year. However, conditions remain volatile.
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Customer requirements set course for the future
Swiss Post continues to face familiar challenges in its core business in the new year. The number of letters sent (–5.6 percent) declined again during the first three months, while over-the-counter payments fell further (–13 percent). Fewer parcels were also transported (–6.2 percent). Despite these developments, Swiss Post posted better results for the first quarter of 2024 than in the previous year, after declines in the last two years. At 87 million francs, operating profit (EBIT) was up by 17 million francs compared to the prior-year period. Meanwhile, at 84 million francs, Group profit was 43 million francs higher year-on-year. Operating revenue rose to 1,920 million francs – an increase of 151 million francs.
Customer requirements set course for the future
Despite the positive financial results overall, Swiss Post continues to operate in a challenging environment. The quarterly results do not allow a forecast to be made for the 2024 financial year due to uncertainty in the logistics and financial sectors. “Swiss Post is still operating in a volatile climate. In this context, we are satisfied with the start to the year,” says Alex Glanzmann, Head of Finance. Looking to the future, it remains vitally important that Swiss Post’s transformation is aligned with customer requirements to ensure it can continue providing products and services throughout Switzerland funded from its own resources. “Swiss Post needs the room for manoeuvre to ensure it’s fit for the future,” explains Alex Glanzmann. This is the only way Swiss Post can remain competitive.
More projects successfully implemented
More key projects have been implemented and services expanded during the first quarter of 2024 as part of the current “Swiss Post of tomorrow” strategy period. Following Bern and Zurich, Swiss Post has been delivering letters and parcels using exclusively electric vehicles in the city of Geneva and much of the canton since the start of the year. Voters in the cantons of Basel-Stadt, Graubünden, St. Gallen and Thurgau have also been able to cast their vote electronically in recent months thanks to e-voting. Additional partners are now present in the branches as network opening progresses. And PostFinance is the first systemically important bank in Switzerland to bring crypto trading directly to its customers. Swiss Post will continue building on these achievements in future: to provide a strong physical and digital public service that is both sustainable and self-financed.
Group key figures
| Key figures | Unit | 2023 | Q1 2023 | Q1 2024 |
|---|---|---|---|---|
| Operating revenue | CHF million | 7,279 | 1,769 | 1,920 |
| Operating profit (EBIT)¹ | CHF million | 323 | 70 | 87 |
| Group profit | CHF million | 254 | 41 | 84 |
| Total assets | CHF million | 108,866 | 124,208 | 116,427 |
| Equity | CHF million | 10,255 | 9,984 | 10,404 |
| Investments | CHF million | 605 | 99 | 94 |
| Headcount at Swiss Post Group | FTEs² | 34,587 | 34,458 | 34,974 |
1 The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT).
2 FTE = full-time equivalent. Average headcount expressed in terms of full-time equivalents, excluding trainees.
PostFinance Ltd key figures
| Key figures | Unit | 2023 | Q1 2023 | Q1 2024 |
|---|---|---|---|---|
| Number of customers | in thousands | 2,465 | 2,458 | 2,471 |
| Customer assets | CHF million | 104,071 | 106,410 | 104,164 |
| Non interest-sensitive customer assets | CHF million | 17,698 | 17,046 | 19,070 |
| Growth in customer assets³ | CHF million | –546 | 1,793 | 93 |
| Mortgages⁴ | CHF million | 5,970 | 6,136 | 6,069 |
| Headcount | FTEs⁵ | 3,340 | 3,307 | 3,434 |
3 Development in the year under review.
4 In cooperation with partner banks.
5 FTE = full-time equivalent. Average headcount expressed in terms of full-time equivalents. Headcount at PostFinance parent company.
Selected key figures per segment
| Segment | - | Q1 2023 (CHF million) | Q1 2024 (CHF million) |
|---|---|---|---|
| Logistics Services | Operating revenue | 1,048 | 1,110 |
| - | Operating profit⁶ | 93 | 121 |
| Communication Services | Operating revenue | 29 | 43 |
| - | Operating profit⁶ | –20 | –16 |
| PostalNetwork | Operating revenue | 136 | 133 |
| - | Operating profit⁶ | –27 | –30 |
| Mobility Services | Operating revenue | 268 | 289 |
| - | Operating profit⁶ | 5 | 10 |
| PostFinance | Operating revenue | 434 | 511 |
| - | Operating profit⁶ | 53 | 41 |
6 The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT).
Information
Jonathan Fisch, Swiss Post Media Unit, 058 341 00 00, presse@swisspost.ch