Here is a summary of results for major banking groups with private banking/wealth management operations around the world.

Below is a round-up of financial results for major banking groups with private banking operations. Not all the results are strictly comparable and not all of the firms mentioned strip out their wealth management figures in all respects. Results are subject to possible revision. This item has been updated with latest results.

UBS
The bank reported a net profit attributable to shareholders of SFr1.03 billion ($1.05 billion) for the second quarter of 2016, down 14 per cent year-on-year amid unfavourable market conditions. Adjusted operating income declined 4 per cent year-on-year to SFr7.2 billion as the bank incurred net foreign currency translation losses of SFr26 million and losses on sales of subsidiaries and businesses of SFr23 million. Adjusted operating pre-tax profit of SFr1.67 billion was up slightly from SFr1.64 billion in the corresponding period of 2015.

The bank highlighted that the backdrop of continued economic and heightened geopolitical uncertainty led to “ongoing and pronounced low client activity, and subdued primary market issuance”. Risk-weighted assets were stable from the prior quarter at SFr214 billion despite ongoing regulatory inflation. 

UBS's wealth management business generated an adjusted pre-tax profit of SFr606 million, down by SFr163 million from a year earlier due to more “subdued” client activity. The unit attracted net new money of SFr6 billion, driven by strong net inflows from Asia-Pacific and Switzerland, though this was partly offset by cross-border outflows in emerging markets and Europe. In the Americas, wealth management pre-tax profit was up 22 per cent year-on-year at $281 million thanks to record net interest income and lower operating expenses.

Credit Suisse 
The bank reported pre-tax income for the second quarter of 2016 across all business lines of SFr199 million ($201.9 million), a swing back into the black following a pre-tax loss of SFr484 million in the previous quarter. The lender’s three geographic divisions, mostly covering private banking and wealth – Asia-Pacific, Swiss universal bank and independent wealth management – delivered profitable growth, it said. The combined adjusted pre-tax income of these areas stood at SFr933 million.

In wealth management as a whole, there were net new money inflows of SFr11.3 billion. In total across the private banking segments, assets under management at the end of June were SFr241.1 billion at the Swiss universal bank, SFr298.6 billion at IWM, and SFr158.4 billion in Asia.

Julius Baer
Assets under management stood at SFr311 billion ($314 billion) at end-June, a 4 per cent rise from the end of 2015. The AuM rise was caused by an addition of SFr8.6 billion following the first-time consolidation of Kairos Investment Management, net new money of SFr5.5 billion (3.7 per cent on an annualised basis) and positive market performance of SFr1.6 billion, partly offset by a negative currency effect of SFr4.0 billion. 
 
After a slow start to the year, net inflows accelerated towards the end of the period. Net new money was supported by continued inflows from Asia, the Middle East and Central and Eastern Europe, from the local businesses in Switzerland, Germany and Italy, as well as from the cross-border European business. These inflows were partly offset by slow momentum in Latin America, by some client deleveraging in Asia, as well as by the tail end of the regularisation of legacy assets in France and Italy.

Vontobel
The firm achieved an 8 per cent year-on-year rise in net profit to SFr105.7 million ($107.3 million) in the first six months of the year. Asset management was the main earnings driver at Vontobel, producing a 26 per cent rise in pre-tax profit to SFr85.3 million compared to the first half of 2015.

Wealth management contributed SFr34.2 million to pre-tax profit; financial products gained market share but felt the effects of weak markets, which were reflected in a 22 per cent drop in pre-tax profit to SFr30.0 million. The cost/income ratio improved from 75.7 per cent in the first half of 2015 to 72.9 per cent.

Bank of America 
The global wealth and investment management unit showed net income rising 8 per cent year-on-year to $722 million at end-June 2016, but slipped from $724 million in the previous quarter. While revenue of $4.5 billion for the quarter was consistent with that of Q1 2016, it was down slightly (by 2 per cent) compared to the same period a year ago, as “strong net interest income growth was more than offset by lower market sensitive revenue”. The pre-tax margin of 26 per cent was consistent with the previous quarter, and up from 23 per cent in Q2 2015, which the US-listed firm attributed to lower expenses.

Client balances of $2.4 trillion shrank by $47 billion from the previous quarter due to the transfer of some $80 billion in assets with the sale of BofA Global Capital Management, offset by higher market valuations. Excluding the sale, client balances were up quarter-on-quarter as higher market valuation levels, $10.1 billion of long-term AuM flows and loan growth more than offset tax-related deposit outflows.

JP Morgan
Second quarter net income was "relatively flat" at $6.2 billion, compared with $6.29 billion a year earlier but up from $5.520 billion in the first three months of the year. The bank posted net revenues for the second quarter of $25.2 billion, a 3 per cent year-on-year increase. Net interest income was $11.7 billion, up 6 per cent, primarily driven by loan growth and the impact of higher rates, partially offset by lower investment securities balances. In the asset management business, JP Morgan reported net income of $521 million, an increase of 16 per cent. Total assets under management were $1.7 trillion, a fall over the period of 5 per cent, affected by asset values, outflows and weaker markets. The results statement did not appear to carry specific figures on the firm's private bank.

Citigroup
Revenues slipped by 1 per cent at Citi Private Bank to $738 million for the second quarter of 2016, from $747 million a year ago, primarily driven by lower capital markets and managed investments revenues. Citigroup as a whole logged $4 billion in net income for Q2 2016, on revenues of $17.5 billion. This compares to net income of $4.8 billion on revenues of $19.5 billion for the same period a year ago. Operating expenses at the US-listed firm fell by 5 per cent to $10.4 billion, as lower expenses at Citi Holdings and a benefit from foreign exchange translation were partially offset by ongoing investments in Citicorp.

Wells Fargo
The wealth and investment management arm posted net income of $584 million in Q2 2016, “relatively flat” compared with the same period a year ago. Revenues of $3.9 billion, meanwhile, slipped 1 per cent from a year ago, primarily driven by lower asset-based fees and brokerage transaction revenue. The WIM provision for credit losses increased $12 million from a year ago, primarily due to higher net charge-offs. Wells Fargo & Company as a whole posted net income of $5.6 billion (or $1.01 per diluted common share) for Q2 2016, compared with $5.7 billion (or $1.03 per share) for Q2 2015.

Goldman Sachs
The firm reported revenues in investment management of $1.35 billion for the second quarter of 2016, a year-on-year fall of 18 per cent but broadly flat compared with the first quarter of 2016. The decrease in asset management net revenues primarily reflected “significantly lower incentive fees”. Management and other fees also fell slightly, reflecting shifts in the mix of client assets and strategies, partially offset by the impact of higher average assets under supervision. 

During the quarter, total assets under supervision increased $23 billion to $1.31 trillion. Long-term assets under supervision increased $20 billion, reflecting net market appreciation of $19 billion, primarily in fixed income and equity assets, and net inflows of $1 billion. In addition, liquidity products increased $3 billion, Goldman Sachs said.

Northern Trust

Net income at Northern Trust was $260.7 million ($1.09 per diluted common share) at the end of the second quarter, down year-on-year but up on the previous quarter. By comparison, net income was $269.2 million ($1.10 per diluted common share) in Q2 2015 and $241.8 million ($1.01 per diluted common share) in Q1 2016. Revenues climbed 5 per cent year-on-year, however, to $1.3 billion, and were also up 11 per cent compared to Q1 2016. 

Return on average common equity was 12.2 per cent, compared to 12.8 per cent a year ago and 11.4 per cent in the prior quarter. Wealth management trust, investment and other servicing fees totalled $330.3 million at end-June 2016, up 5 per cent on the previous quarter and up 2 per cent year-on-year.

BNY Mellon
The US group logged $825 million in net income for the second quarter of 2016, down from $830 million a year ago, but up from $804 million in the previous quarter. Total revenue was $3.8 billion, a decrease of 3 per cent, the US-listed bank said. It posted $0.75 per diluted common share, compared to $0.73 per diluted common share in Q2 2015. Wealth management revenue, which is reported within investment management, stood at $160 million at end-June, up 5 per cent on the previous quarter but flat year-on-year. 

Pre-tax income dropped year-on-year but rose sequentially to $859 million at end-June 2016. Pre-tax income was $885 million in the same period a year ago and $786 million in the previous quarter. Net revenues for Q2 2016 were $3.8 billion, down slightly from $3.9 billion a year ago. It logged group net revenues of $8.9 billion for Q2 2016, compared to $9.7 billion a year ago. Net income stood at $1.6 billion, down from $1.8 billion (or $0.85 per diluted share) year-on-year.

Deutsche Bank
Pre-tax profit plunged 67 per cent year-on-year in the second quarter of 2016 to €408 million ($449 million), reflecting the “challenging” macro-economic environment and the lender's ongoing restructuring efforts. As net revenues fell by a fifth year-on-year to €7.4 billion at the end of June, net income totalled €20 million, compared to €818 million in the second quarter of 2015. In wealth management, revenues declined 12 per cent to €490 million due to lower performance and transaction fees against what the bank said was a “more difficult” market backdrop, including “very low” levels of equity capital markets activity in the US.

Deutsche faced a goodwill impairment charge of €285 million, restructuring and severance charges of €207 million, and litigation charges of €120 million.

Societe Generale
The bank reported that its private banking assets under management stood at €116.8 billion ($130.2 billion) at the end of June, a rise of 0.4 per cent from the position 12 months earlier, despite adverse effects of markets and currency movements. The increase was driven by €700 million of inflows, notably in the UK and France following the integration of the recently-acquired Kleinwort Benson business.

Net banking income at the private bank rose 1.5 per cent in the second three months of the year, at €204 million, due to structural effects, but fell 9.5 per cent in the first six months of the year from a year ago. Private banking gross margin held at a “satisfactory level” of 106 basis points. There was a net inflow of €1.1 billion into private banking in France during the second quarter.

The private banking results are included within the asset and wealth management reporting segment of the group. For asset and wealth management, net banking income was €254 million in the second quarter, a fall of 1.9 per cent on a year ago, affected by a declining market level and weaker transactional activity. 

BNP Paribas
Wealth management AuM were €331 billion at the end of June. Wealth and asset management’s revenues, at €743 million, fell 2.7 per cent compared to the second quarter of 2015. At €181 million, wealth and asset management’s pre-tax income, after receiving one-third of the net income of private banking in the domestic markets, in Turkey and in the US, was thus down by 1.1 per cent compared to the second quarter 2015.

Barclays
The UK bank saw its pre-tax profit fall 21 per cent year-on-year to £2.06 billion ($2.7 billion) in the first half of 2016 as it continued to sell off business units globally. The decline was largely due to pre-tax losses of £1.9 billion in the bank’s “non-core” businesses. Barclays logged an impairment of £372 million on the assets of its French retail, and wealth and investment management businesses. The bank is in exclusive talks with AnaCap Financial Partners for the potential sale of these businesses.

The second quarter saw the completion of the sale of Barclays’ retail banking, wealth and investment management, and parts of its corporate banking business in Portugal. It has already sold off its Americas wealth business and earlier this year agreed to sell its wealth and investment businesses in Singapore and Hong Kong in a deal with Bank of Singapore, part of OCBC. In May, the bank started the sale of 12.2 per cent of its stake in Barclays Africa. Other sales include some services in locations such as Gibraltar, Malta and Cyprus. The bank does not give discrete results for its wealth management business. 

HSBC
The bank reported profit before tax in the first six months of this year of $9.714 billion, falling almost 29 per cent year-on-year, “in the face of considerable uncertainty”. The bank said its adjusted revenue of $27.868 billion, a fall of 4 per cent year-on-year, contrasted with a strong first half of last year.

Global private banking made a pre-tax loss of $557 million in the six months to 30 June, contrasting with a profit of $180 million last year. On an adjusted basis, however, global private banking made a pre-tax profit of $246 million, down by 23 per cent on a year earlier, according to a presentation to analysts accompanying the results. The bank said it recorded goodwill impairments to the global private bank of $800 million in H1 2016. Explaining impairments, HSBC said its discount rates used for global private banking – Europe and global banking and markets – Europe include a 100 basis points uplift to reflect the increased risk in European markets following the UK’s referendum on membership of the EU. Global private banking attracted $5 billion of net new money in the first half, more than half of which came through greater collaboration with the bank's other global businesses, HSBC said.

Standard Chartered
The bank reported a profit attributable to ordinary shareholders of $394 million, falling from $1.462 billion a year ago, but bouncing back from the loss of $3.822 billion in the second half of 2015. Underlying operating income stood at $6.81 billion, down from $8.495 billion a year ago. Statutory pre-tax profit was $893 million, down from $2.098 billion a year ago.

Income from private banking of $261 million fell 10 per cent year-on-year but was 7 per cent higher than in the previous half. Demand for wealth management products, mainly in Hong Kong and Singapore, remained “subdued” because investor sentiment was hit by volatility, in particular in the renminbi and China equity markets. Wealth management income fell 20 per cent year-on-year, reflecting the lower demand for wealth products.

Royal Bank of Scotland
The private banking arm of Royal Bank of Scotland, which includes the Coutts & Co and Adam & Company businesses, reported an operating profit of £41 million ($53.8 million) in the second quarter of this year, up sharply from £10 million in the previous three months. On an adjusted basis, the private banking operating profit was £47 million, in line with the figure from the same quarter a year ago but £21 million higher than Q1 2016.

Private banking logged an adjusted return on equity of 9.9 per cent as at Q2 2016, up from 5.1 per cent for the previous quarter and higher than any quarter since the third quarter of 2014. The cost/income ratio of the private banking business fell to 72 per cent from 83 per cent in the previous quarter. For the half-year period, the adjusted ratio was 77 per cent.

OCBC
Private banking assets under management as at 30 June 2016 grew 12 per cent to $61 billion from $54 billion a year ago. The group’s H1 2016 wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, of S$1.00 billion ($742 million) was 21 per cent down on a year earlier, mainly due to lower income contributions from Great Eastern Holdings. Excluding GEH, wealth management income increased 5 per cent year-on-year. As a share of the group’s total income, wealth management contributions were 24 per cent in H1 2016 and 29 per cent a year ago.

DBS
Income from the wealth management customer segment rose 8 per cent in the first six months of the year from a year ago to S$806 million with assets under management growing 6 per cent over the period to S$151 billion.

Royal Bank of Canada
The bank’s wealth arm reported that net income soared by 36 per cent to C$388 million ($300 million) at the end of its third quarter. The increase largely reflected the inclusion of City National, which contributed C$82 million to net income, as well as benefits from the firm’s efficiency management activities. Excluding amortisation of intangibles and integration costs of C$29 million and C$12 million after tax respectively, City National contributed C$123 million to net income.

RBC finalised its acquisition of City National Bank in November last year. In June 2016 Dave McKay, president and CEO of RBC, said the acquisition gave the bank an “enormous opportunity” to grow in the US. For RBC, the US offers opportunities to expand its wealth management and capital markets businesses at a faster rate than its home country of Canada. Compared to the previous quarter, wealth management net income was up by C$2 million, or 1 per cent.

Bank of Montreal
Net income at Bank of Montreal Wealth Management, part of BMO, fell to C$201 million ($156 million) in the third quarter of 2016 from C$210 million a year ago. Traditional wealth adjusted net income stood at C$173 million, down from C$177 million a year ago as operating growth was “more than offset by the impact of lower equity markets on average compared to a year ago”.

Assets under management and administration also shrank by C$16 billion, or 2 per cent from a year ago, to C$863 billion, driven by the impact of unfavourable foreign exchange movements. 

Across the group, however, net income of C$1.2 billion (or C$1.86 per share) on a reported basis and net income of C$1.3 billion (C$1.94 per share) on an adjusted basis were up by 4 per cent and 5 per cent respectively.

CIBC
Net income jumped 47 per cent to C$1.4 billion at the end of its third quarter from C$978 million a year ago, aided by a C$383 million gain from selling its minority stake in American Century Investments. 

Within wealth management, net income stood at C$506 million at end-July, including the gain of the sale of CIBC’s investment in ACI. Excluding this, adjusted net income was C$126 million, down C$17 million (or 12 per cent) from Q3 2015, as the firm ceased recognising income from ACI following the announcement of the sale in December 2015. Total retail brokerage revenue was also lower as a result of a decline in transaction volume.

Pictet
The Swiss private bank reported operating income of SFr1.033 billion ($1.056 billion) in the first six months of this year, down by 1.3 per cent from a year ago, with weaker trading volumes and negative Swiss interest rates dampening profits. Operating results were SFr244 million, down 14.3 per cent year-on-year, and consolidated net profits were SFr191 million, a fall of 15.5 per cent.

Assets under management or custody were SFr436 billion at 30 June 2016, compared to SFr437 billion at 31 December 2015, as net inflows were offset by foreign exchange and market effects. The bank's core tier one capital ratio rose to 22.3 per cent, based on SFr2.51 trillion of common equity tier one (CET1), a measure of a bank's capital strength.

Lombard Odier
The Geneva-headquartered private bank said it logged a consolidated net profit of SFr61 million in the first six months of this year, a fall of 13 per cent from a year ago. Assets under management held steady, at SFr156 billion, and total client assets were SFr223 billion. The bank’s fully-loaded Basel III CET1 capital ratio was 27.8 per cent. 

The bank said changes in the values of the US dollar and the pound sterling versus the Swiss franc led to a decrease in total client assets since the end of 2015, which was offset to a large extent by the positive contributions of net new money and market performance.

Consolidated operating income fell by 7 per cent from the first half of 2015 to SFr509 million, reflecting the reduced level of client activity in securities transactions and foreign exchange trading. Excluding variations in performance fees, consolidated operating income was broadly flat, down 1 per cent. The operating cost/income ratio rose to 83 per cent from 80 per cent a year earlier.