class=”sc-97fd9fa8-0 jNFKxv”>
Raiffeisen’s boss, Heinz Huber, 58, clearly enjoys finally being able to re-present the annual results in direct consultation with journalists. The fact that the presentation is being held in the glamorous new offices in the Circle at Zurich Airport does not suit the Swiss cooperative bank. In the background you can see the door to the world, in the foreground it is all about solid business with Swiss bank customers.
Blick: Your conclusion for fiscal year 2022?
Heinz Huber: A very good result for this year. We are very pleased.
And with the mortgage business?
Our announcement was that we wanted to grow with the market. We achieved this with a growth of 3.7 percent.
Gone are the days when the third largest Swiss bank grew faster than the market?
We focus on qualitative growth. That’s why we only want to grow as fast as the whole market.
Do you expect mortgage interest rates to rise further?
It depends on how inflation develops and what the Central Bank does to combat it. We expect another rate hike in March, maybe another rate hike within the year.
The cooperative model is paying off: The Raiffeisen Group gained new customers and cooperative members in 2022 and generated a profit of CHF 1.18 billion. So there is an 11% increase. Loans to mortgage borrowers exceeded CHF 200 billion for the first time. Customer deposits increased slightly to almost CHF 205 billion. Raiffeisen even increased its market share in this area. The group should continue to grow this year and expects a “solid workflow”.
The cooperative model is paying off: The Raiffeisen Group gained new customers and cooperative members in 2022 and generated a profit of CHF 1.18 billion. So there is an 11% increase. Loans to mortgage borrowers exceeded CHF 200 billion for the first time. Customer deposits increased slightly to almost CHF 205 billion. Raiffeisen even increased its market share in this area. The group should continue to grow this year and expects a “solid workflow”.
What does this mean especially for mortgage borrowers?
As a result, while short-term interest rates continue to rise, long-term rates have already priced in a lot. Fixed-rate mortgages will no longer be much more expensive.
How critical is the situation in the real estate market?
We see that the real estate market is relatively unaffected by rising interest rates. Demand is still high, supply is low. Prices are still rising, but not as dynamic as before.
When will rising interest rates reach savers?
Every bank, including Raiffeisen, has already made some interest rate moves. Savings interest rates will continue to rise gradually.
About four billion Swiss francs flowed into Raiffeisen in new money – how much came from Credit Suisse?
We did not observe any abnormality during the year.
seriously? Especially not even in October and November when so many customers withdraw their money from CS?
Customers with accounts at both banks transferred a certain amount of money to Raiffeisen during this time. We were also able to welcome more and more new customers.
Is there a housing shortage in Switzerland?
Vacancy rates are dropping drastically and there is also a high immigration. This can lead to housing shortages. This will raise rents even higher.
Heinz Huber (58) has headed the Raiffeisen Group since 2019. After the Vincenz turmoil, Thurgau managed to restore calm to Switzerland’s third largest bank. Prior to that, Huber managed the Thurgauer Kantonalbank for four years. Married with three children, he completed his banking internship at UBS and holds two MBA degrees.
Heinz Huber (58) has headed the Raiffeisen Group since 2019. After the Vincenz turmoil, Thurgau managed to restore calm to Switzerland’s third largest bank. Prior to that, Huber managed the Thurgauer Kantonalbank for four years. Married with three children, he completed his banking internship at UBS and holds two MBA degrees.
How can construction activities be encouraged?
Framework conditions should be adequately designed. There’s a lot of talk of intensive construction, but it’s still not happening effectively enough.
Prices and interest rates are rising, life is getting more expensive. What awaits SMEs? We watch this with concern. Side costs are rising, inflation is rising. We don’t know where this will eventually lead. What helps us in Switzerland is the undisturbed job market and the low unemployment rate.
Are clients more cautious in their investment negotiations?
In terms of the economic situation, on the contrary, we do not find that there is more money in our client accounts. It seems that customers trust Raiffeisen.
Which stocks should investors bet on?
For equities, we recommend defense sectors such as healthcare, food or consumer goods sectors. The stock market will continue to be volatile this year as well.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
