The Swiss firm, operating in a number of regions of the world, became the latest European wealth management and banking player to report interim 2024 results.

Vontobel, the Swiss bank and wealth management house, said today that it had delivered a pre-tax profit of SFr173.3 million ($196.6 million) in the first six months of 2024, rising 12 per cent on a year earlier.

Operating income stood at SFr727.7 million, rising 4 per cent, mainly driven by higher client activity. 

The private clients segment contributed SFr530.8 million, rising 10 per cent, and the institutional clients segment provided SFr197.4 million towards the result.

Net inflows came in at SFr2.3 billion: Private clients segment flows were SFr2.4 billion, while institutional clients segment outflows were SFr100 million. 

Assets under management increased 9 per cent from the end of 2023 to SFr225.9 billion. AuM in the private clients segment surpassed SFr100 billion for the first time. Total advised client assets were SFr254.5 billion, up 10 per cent from the end of 2023.

Vontobel said it had closed its acquisition of a significant minority stake in Ancala, a business operating in the infrastructure investment space. 

The firm’s cost/income ratio narrowed to 76.1 per cent from 77.8 per cent in the prior year. Vontobel said it maintained its solid capital position that exceeds all regulatory minima as well as its own through-the-cycle targets. As of end of June 2024, the Common Equity Tier 1 capital ratio – a standard international way of measuring a bank’s “shock absorber” – was 18.3 per cent.