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Cembra Your Swiss Bank Letter to Shareholders Dear Shareholders It is our pleasure to inform you about a robust business performance for Cembra in the first six months of 2021. Our net income increased by 6 % to CHF 78.7 mil lion , or CHF 2.68 per share , compared to the first six months of 2020. Net reve nues declined by 5 % , and commission and fee income declined by 3 % in connec tion with the Covid - 19 restrictions . Despite the challenging environment , the loss performance was very strong at 0.5 % . As a result , return on equity came in at 14.2 % , and the Tier 1 capital ratio stood at 18.3 % . Our business model continued to demonstrate a resilient performance in the first six months . The economic restrictions had a clear impact on our performance . At the same time , we observed a gradual recovery of credit card transaction vol umes since May , and we benefitted from actions taken in the personal loan business to better serve our customers in the current market environment . We are now focusing on further developing the business . Resilient business performance The Group's total net financing receivables at 30 June 2021 amounted to CHF 6.2 billion , a decline of 1 % compared with 31 December 2020. Since May 2021 , net financing receivables increased following the easing of restrictions . In the personal loans business , receivables declined by 4 % to CHF 2.3 billion in the first six months of 2021 , partially attrib utable to tightened underwriting in the context of the Covid - 19 impact on the economy . As a consequence , interest income in the personal loans business decreased by 12 % to CHF 85.6 million , with a yield of 7.1 % . Net financing receivables in auto leases and loans declined by 1 % to CHF 2.8 billion in the reporting period . Interest income was stable at CHF 65.1 million , with a yield of 4.6 % . In the credit cards business , net financing receivables increased by 6 % to CHF 1.0 billion . Interest income in the cards business decreased slightly by 1 % to CHF 41.3 million , with a yield of 8.2 % . Transaction volumes in the first six months in creased by 11 % year on year , mainly due to higher domestic card spending . The number of cards issued was up 4 % year on year , to 1,050,000 at 30 June 2021 . Cembra - Letter to Shareholders half - year 2021 1