Raiffeisen Switzerland reported a net group income of 556 million Swiss francs in the first half of the year, an increase of 10.1 percent over the comparable year-ago period, boosted by a «strong operating performance» as business earnings rose to 623 million francs, the cooperative bank said in a statement (in German) Wednesday.

Mortgage volume rose to nearly 200 billion Swiss francs, representing an increase of around CHF 3.6 billion or 1.8 percent, while market share has remained stable at 17.6 percent.

The group's core interest business grew by 2.1 percent or 25.2 million Swiss francs, and the commission and services business again grew strongly in the first half of the year by 43.9 million francs to 299.9 million francs, an increase of around 17 percent.

AuM Relatively Stable

Assets under management were 238.87 Swiss francs at the end of June, a decline of one percent from 241.23 during the same period a year ago. The latter figure was also the same figure that the bank reported at the end of 2021. Most banks that have so far reported their AuM reported larger declines.

«The Raiffeisen Group was very successful in the first half of the year. Customer business is the Group's great strength, and this is reflected above all in the increase in operating income. Proximity to our customers is an important differentiating factor, which is why this is a top priority in our strategy and will be continuously expanding. In the pension and investment business, we are once again able to present very good figures and with the spin-off of four branches into independent Raiffeisen banks, we have reached an important milestone», said Heinz Huber, CEO of Raiffeisen Switzerland.«