Swiss banking group Valartis has reported an operating income of CHF32.4m for the first half of 2015, up 48% from CHF21.9m a year ago.
The Swiss group posted a group loss of CHF21.4m for the first six months of 2015, compared to group loss of CHF20.7m a year earlier.
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The group’s gross profit was CHF3.5m for the first half-year 2015, versus gross loss of CHF5.8m a year ago.
Valartis said its earnings on commission and services in the private clients segment rose by 10% to CHF21m from CHF19.1 m in the year ago period despite a net new money outflow. The private bank in Lichtenstein was the main contributor to these earnings.
Client assets under management at Valartis Group stood at CHF5.8bn as on 30 June 2015, from CHF6.2bn in the same period of 2014.
For the first half of 2015, the group’s earnings from commissions remained on the same level as the previous year at CHF21.8m and earnings from trading activities were up on the previous year to CHF8.3m.
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By GlobalDataGeneral expense increased to CHF12.0m from CHF10.3m in the first half of 2014 as a result of implementation costs arising in connection with new regulatory standards and project and advisory costs arising out of the realignment of Valartis Group.
