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Net Profits Rise At Switzerland's Vontobel

Tom Burroughes Group Editor London 31 July 2013

Net Profits Rise At Switzerland's Vontobel

Swiss bank Vontobel earned a net profit of SFr76.1 million ($81.8 million) in the first half of 2013, a rise of 20 per cent from the same period a year ago.

Vontobel's asset management business attracted SFr7.4 billion of Vontobel's total net inflow of new money of SFr8.2 billion, the firm said in a statement today. The new money acquired across all business units resulted in annualised growth in assets under management of 17 per cent.

"The profit contribution from private banking and asset management has almost doubled from 33 per cent to 65 per cent within a period of 24 months. Vontobel has thus confirmed its position as a credible and reliable force in the wealth and asset management sector,” the firm's chief executive, Zeno Staub, said.

One-off costs of SFr10.6 millon related to changes in the cross-border wealth management business, as well as a final provision of SFr3.1 million related to the withholding tax agreement with the UK, are fully included in the net profit.

In February, the bank announced it was shutting onshore private banking and wealth management operations in Dubai and transferring them to Geneva, while investment banking and related services will continue to operate from the Middle Eastern jurisdiction.

 

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