August 12, 2009 | by Vontobel Group
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August 12, 2009, The Vontobel Group generated a net profit of CHF 62.4 mn in the first half of 2009, against the backdrop of the continued global financial and economic crisis. The significant improvement in the result compared to the second half of 2008 confirms that its measures to improve cost structures are working and that the Vontobel Group's business model is enabling it to compete successfully in the market, even in turbulent times. All its business units were profitable.
A sustained net inflow of new money totalling CHF 0.8 bn was recorded in the first half of 2009. However, the acquisition of new assets slowed due to investor uncertainty and the marked deterioration in the economic environment. New money from private clients totalled CHF 0.6 bn, while the institutional business generated an inflow of CHF 0.2 bn. In total, assets under management grew by 4% to CHF 65.0 bn.
The Vontobel Group succeeded in maintaining its very solid financial position with shareholders' equity of CHF 1.4 bn. Its BIS tier 1 capital ratio of 21% was several times higher than the regulatory requirement. The annualized return on equity was 9.1% in the first half of 2009.
The acquisition of Commerzbank (Schweiz) AG represents another step forward in the execution of the Vontobel Group's growth strategy. This will enable it to realize further benefits from its investments in its own infrastructure in recent years.
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Conclusion of this article: « Vontobel Group reports net profit of CHF 62.4 million for first half of 2009 »
Source: Vontobel Group, Press release