Swiss private bank Vontobel reported a net income of CHF122.3 million (US$136 million) for the year 2013, down 1.5% from CHF124.1 million a year earlier.
The bank’s profits were hit by one-off costs of CHF20.7 relating to the adjustment of the cross-border business model, the tax agreement with the UK and the measures concerning the bank’s participation in the US Program.
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The company reported net inflows of CHF9.1 billion, bringing managed client assets to CHF109.6 billion at the end of December. The growth in new money corresponds to 9.2% of the asset base.
The Board of Directors of the bank proposed an 8% hike in the dividend to CHF1.30 to the General Meeting of Shareholders of 1 April 2014.
"This proposal underscores the Board of Directors’ confidence in Vontobel’s sustained profitability and our forward-looking strategy," stated Herbert J. Scheidt, chairman of the board of directors.
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