Vontobel has recorded a net profit of CHF134.5m for the year 2014, an increase of 10% versus CHF122.3m a year ago.
Swiss private bank Vontobel has recorded a net profit of CHF134.5m for the year 2014, an increase of 10% versus CHF122.3m a year ago.
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The bank said low interest rates and subdued market volumes dampened its income levels and profitability.
Also, one-off impacts in the amount of CHF 14m recognized for accounting reasons had a negative impact on earnings performance, the bank said in its earnings release.
Vontobel CEO Zeno Staub said: "Against this backdrop, the 10% increase in profit that we achieved confirms Vontobel’s positioning as the ‘Most Trusted Global Investment Advisor’ to our clients, since our focus on our core capabilities – active asset management and the implementation of tailored investment solutions – was rewarded with a very pleasing net inflow of new money of CHF6.2bn."
"Around 40% of advised client assets originate from the US and emerging markets, which represent dynamic growth regions," he added.
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By GlobalDataThe Swiss bank’s net new money in 2014 dropped to CHF6.2bn from CHF9.1bn a year earlier. It had CHF190.7bn in total advised clients assets by the end of the year 2014.
Vontobel generated a return on equity of 8.7% in the financial year 2014.
The bank also said that it can absorb currency swings resulting from Switzerland’s central bank removing a cap on the franc against the euro, as it posted full-year profit slightly below expectations.
