Swiss asset and wealth manager Vontobel has posted a group net profit of CHF101.5m for the first half of 2017, down 4% compared to CHF105.7m a year ago.
The group’s total operating income stood at CHF517.5m for the half year ended 30 June 2017, up 4% over CHF584.3m reported a year earlier.
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The group’s operating expense increased 8% to CHF395m from CHF3 6 7.1m in the first half of 2016.
The asset management segment of the group was the main earnings driver, the group said in its earnings statement. The unit reported a pre-tax profit of CHF69.5m, down 19% from CHF85.3m in the year ago period.
The group’s wealth management unit posted pre-tax profit of CHF38.4m for the first half of 2017, versus CHF34.2m in the same period of last year.
In the group’s private banking unit, pre-tax profit rose 2% year-on-year to CHF27.1m.
Vontobel CEO Zeno Staub said: “Vontobel produced another solid result in the first half of 2017. We remain well on track, as our business performance shows. With our business model centred on client benefits and our clear strategy as an internationally active specialist in wealth management, asset management and the financial products area, we are also well positioned in uncertain markets increasingly influenced by political factors.
“We still anticipate that we will achieve a solid result for 2017, and have also set our course for profitable growth going forward, not least with our new ambitious targets for 2020.”
