Swiss asset and wealth manager Vontobel has posted a group net profit of CHF180.1m for the year ended 31 December 2015, an increase of 34% compared to CHF134.5m in the year ago period.
The group’s total operating income stood at CHF988m for 2015, up 12% compared to CHF884.4m a year ago, while profit before taxes was up 30% to CHF223.9m. Net fee and commission income grew by 12% to CHF701.1m.
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Net interest income increased 33% to CHF67.1m compared to CHF50.6m in the year ago period.
The Swiss bank’s net new money in 2015 stood at CHF8bn compared to CHF6.2bn a year ago. The inflow of client assets was CHF 16.1bn including acquisitions.
The bank had CHF147.8bn in advised clients assets for 2015, an increase of 8% compared to the previous year. Almost 40% of advised client assets came from Vontobel’s Swiss home market, followed by the US (19%), emerging markets (18%), UK (8%), Germany (6%) and Italy (5%).
The pre-tax profit increased by 28% to CHF139m in asset management and by 27% to CHF62m in financial products. Fixed income assets grew by 93% to CHF 21.8bn.
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By GlobalDataThe bank’s wealth management unit recorded a pre-tax profit of CHF61m, down 18% than in the previous year.
The company said that its wealth management and asset management accounted for 76% of pre-tax profit generated by the divisions.
Wealth management division grew its advised client assets to CHF42.5bn due to organic growth and the acquisition of Finter Bank.
Vontobel generated a return on equity of 12.4% in 2015, thus exceeding its 10% target by 2.4 percentage points. The dividend for 2015 grew by 19% to CHF 1.85 per share. The bank’s common equity tier 1 capital ratio (CET1 ratio) remains solid at 17.9%.
Vontobel said it would continue its strategy of growing the business organically and through acquisitions. Vontobel generated growth in net new money of 6.5% for the full-year 2015.
Vontobel CEO Zeno Staub said: "Our company proved once more in 2015 that it is pursuing a strategy that is focused on the achievement of sustained profitability and is therefore investing in the future. The acquisitions we made in 2015 and our good organic growth are part of this strategy."
