In the first half of 2024, Edmond de Rothschild (Suisse) recorded an 8.9 percent increase in assets under management, bringing the total to 178.0 billion Swiss francs by the end of June, according to the bank's semi-annual report. This growth is partly attributed to net inflows of 1.9 billion francs, as first reported by the Geneva financial blog «Finance Corner».

However, the income side tells a less positive story. Falling interest rates, which affected most private banks, contributed to a sharp decline in interest income, down by 35.1 million francs compared to June 30, 2023.

Sharp Drop in Operating Profit

Commission income remained relatively stable, showing a slight decline of 0.9 percent. Meanwhile, the increase in trading income (+11.5 million francs) was insufficient to offset the significant drop in interest income. As a result, operating revenues fell by 5.1 percent compared to the first half of 2023, totaling 514.2 million francs.

In contrast, operating costs rose slightly (+2.3 percent), leading to a sharp drop in operating profit (-43.1 percent), from 91.2 million francs in June 2023 to 52.0 million francs in June 2024. However, exceptional income of 37.9 million francs helped limit the decline in net profit to 5.4 percent, bringing it to 61.6 million francs for the half-year.