Vontobel recorded pre-tax profit of CHF150.3m in H1 2023, more than the CHF87m in H2 2022, but less year-on-year.

In H1 2022, the arm earned CHF180.4m, which reflected the strong start to the year before war in Ukraine broke out.

Furthermore, group net profit totalled CHF127.6m in H1 2023 for Vontobel, compared to CHF 151.4m in the same timeframe last year.

Vontobel wealth management in H1 2023

Vontobel wealth management played a significant role in these results as operating income grew to CHF394m from CHF320.2m in H1 2022. This was attributed to higher interest rates.

In addition, asset management added CHF203m of operating income to group net profit, less than the CHF247.1 from this time last year.

Wealth management will also see money reinvested in the arm as client adviser numbers will increase by more than fifty by the end of the year.

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Despite global margin pressure, Vontobel was able to expand its gross margin in the Wealth Management sector to 82 basis points in the first half of 2023, up from 70 basis points in the first half of 2022.

The gross margin with asset management customers was nearly steady at 37 basis points, compared to 38 basis points in the first half of 2022.

The company with clients that predominantly utilise Vontobel digital channels, Digital Investing, provided operational income to the group’s net profit of CHF86.8m.

Operating income for Digital Investing was CHF64.7m in the second half of 2022 and CHF120.9m in the first half, which reflected the year’s secure beginning.

In recent months, the market for structured investment solutions has stabilised and is now back at the level it was in 2020.

In comparison to CHF599.0m in the second half of 2022 and CHF686.1m in the first half of 2022, Vontobel’s total operating income in the first half of 2023 was CHF696.1m.

Chief executive response

Zeno Staub, CEO of Vontobel, said: “At Vontobel, we are steering a steady course through this challenging environment. We know our strengths and we are also acting with tenacity, since we believe the changes, we are seeing are both permanent and profound. In the business with private clients, we are further strengthening our focus on mature and established markets. We have streamlined our business portfolio and are on track to achieve the target reduction in our cost base of CHF 65 million. We are continuing to consistently execute our strategy and are seizing opportunities. This will allow us to grow our team of client advisors in Wealth Management by more than 50 advisors by the start of 2024.”