Reyl Group has reported a profit of CHF97.3m for the first half of 2018, a surge of 845% compared to CHF10.3m in the previous year.
The bank attributed the increase in profit to the sale of a stake in its asset management arm RAM Active Investments to Italian banking group Mediobanca.
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Operating result for the half year ended 30 June 2018 stood at CHF14.7m, up 19% from CHF12.3m last year.
Operating income dropped 9% to CHF52.1m on a year-on-year basis. Total operating expenses were CHF36.1m, versus CHF43.5m in the previous year.
Assets under management totalled CHF16.3bn at the end of June 2018.
Reyl CEO François Reyl and chairman of the board of directors Dominique Reyl in a joint statement said: “These results were achieved in a challenging environment for the banking sector overall. In addition to regulatory developments requiring constant attention, financial markets experienced greater volatility and mixed results against a background of growing macroeconomic uncertainty and a marked increase in geopolitical tensions.
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By GlobalData“Excluding non-recurring items, the improvement in financial results can be attributed to the good performance of all business lines, notably Wealth Management and Credit, Asset Services and Corporate Advisory & Structuring. In addition, the Group’s international subsidiaries significantly improved their profitability overall, particularly Dubai, London and Malta.”
