▶ Risoletto – 10 features ranging from the procurement of raw materials through to Migros Culture Percentage
01 ––
From West Africa to Buchs – the sustainable journey of cocoa beans to Chocolat Frey
▶ Play video
02 ––
100% UTZ-certified cocoa at Chocolat Frey – just one example of how Migros leads the way
▶ Play video
03 ––
Riseria Taverne and Risoletto's rice – careful selection of suppliers and meticulous production
▶ Play video
04 ––
Risoletto comes from
the chocolate heart of
Migros Industry
▶ Play video
05 ––
Quality assurance for
food and consumer
goods – Migros' Swiss Quality Testing Services
▶ Play video
06 ––
94 276 employees from
152 countries – dedicated
to Risoletto and much more
▶ Play video
07 ––
Risoletto passes through many female fingers –
the backbone of Migros
▶ Play video
08 ––
Taking the bitter with
the sweet – one of
3500 trainees at Migros
▶ Play video
09 ––
Just like magic – why Risoletto never runs out
in more than 700 Migros stores and branches
▶ Play video
10 ––
Blind tasting session
with insiders – Risoletto
at the FMC's Assembly
of Delegates
▶ Play video
Das will ich sehen
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Back to overview

Financial Services

Migros Bank remains on a growth course. In the 2013 financial year, there was a substantial increase in both customer lending and customer deposits.

Migros Group sales Financial Services
in CHF million20132012Change
in %
Net revenue from goods and services sold3.43.7–8.1
    
Income from financial services891.1921.9–3.3
Other operating income4.32.387.0
Total income898.8927.9–3.1
Earnings before financial income, income tax and pension plan effect (EBIT)240.9237.91.3
    
Segment assets38'851.837'765.9 
    
Investments in long-term assets16.913.3 
    
Employees1'5521'585 


Customer deposits exceed the 30 billion mark
Migros Bank continues to benefit from a strong inflow of savings deposits. In 2013 the total customer deposits on the balance sheet rose by CHF 1.4 billion (4.7%) to CHF 30.8 billion. Private and premium accounts recorded the strongest growth (up 12.0%), followed by pillar 2 and 3 retirement accounts (up 8.7%). As a result, Migros Bank has generated new customer deposits of CHF 9.0 billion since the start of the financial crisis.

The strong momentum in the mortgage market only diminished slightly in the year under review. The loan volume increased by CHF 1.3 billion (+4.2%) to CHF 31.2 billion. This followed a rise of CHF 1.5 billion in the previous year. Migros Bank adhered to its careful award criteria. On the balance sheet date, 98% of the portfolio of mortgages on residential properties consisted of mortgages granted to first-time buyers with a loan-to-value rate of up to 67%. The average loan value was CHF 300'000 for apartments and CHF 410'000 for detached houses.

Stronger position as an investment bank
Investment business also developed positively in the 2013 financial year. Commission income increased by 9.3% to CHF 81 million. In addition to the bullish stock markets, the stronger positioning of Migros Bank as an investment bank also contributed to the increase. In particular, the proactive payment of retrocession fees in asset management was very well received by the public. For instance, the K-Tipp consumer magazine nominated Migros Bank for the 2013 Prix K-Tipp. The performance figures of Migros Bank's asset management were also convincing, not least due to the early overweight in equity investments. The number of discretionary mandates also rose significantly in the year under review.


Operating income at record levels
The following information given in Migros Bank's income statement complies with the standard accounting regulations for banks in accordance with RRV-FINMA and shows the net income from financial services, which is independent of market interest rates, rather than total income: in a challenging environment, Migros Bank managed to increase its operating income by 0.5% to CHF 596 million, which represents the highest level in the company's history. Operating expenses increased by 1.8% to CHF 286 million. Migros Bank's gross profit decreased slightly by 0.7% to CHF 310 million. At 48.0%, the cost/income ratio continues to be very good.


Participation in the US tax programme
Migros Bank is participating in category 2 of the US tax programme. Of the 830'000 customers in total, 370 (0.04%) currently meet the criteria of the programme. All of these customers meet the tax declaration obligations in the US by disclosing the data required to the US authorities using form W-9. These customers are primarily Swiss nationals with temporary domicile in the US, as well as Swiss-American dual nationals. Although Migros Bank has never offered offshore services aimed at foreign customers, there is still a possibility that some customers may not have fully met their tax obligations towards the US in the past.


Expansion of the branch network
Since the expansion of the branch network began in 2008, Migros has opened 21 new branches. With the launch of a new branch in Buchs (SG) and two in Lausanne, the total number of branches has risen to 65. Further openings are planned in Yverdon und Meyrin (GE).

Sustainable development through low risk
For Migros Bank, sustainable trading means above all adopting a prudent risk policy. This endeavour not only supports the company's long-term success, but is also in the interests of the lender and helps to prevent a misallocation of macroeconomic resources.

Migros Bank finances the Engagement Migros development fund (established in 2012) with a considerable annual contribution amounting to ten percent of the dividends paid to the owner. The development fund supports projects in the areas of culture, sustainability, business and sport.

Targets and outlook
Migros Bank is taking a cautiously optimistic view of the prospects for the 2014 financial year. Because of the basis of strong trust among customers, the conservative risk policy and effective cost management, Migros Bank is well equipped to further increase its share of the market.