Vontobel posted a net profit of 115,5 million francs for the first six months of the year, compared to 130,3 million francs in the same period of the previous year, according to a statement released Thursday. This represents a decrease of just over 11 percent.

The 15 percent decline in pre-tax profit to 148 million francs was described as a normalization following an exceptional trading performance in the first half of 2024. Additional pressure came from a significant weakening of the U.S. dollar and lower interest rates.

Assets under Management (AuM) stood at 233,3 billion francs at the end of June, up from 225,1 billion at the end of 2024. During the reporting period, the bank recorded net new money inflows of 2.0 billion francs, compared to 2,3 billion in the same period last year.

Inflows from Private Clients

These inflows were driven by strong performance in wealth management for private individuals: The Private Clients division reported inflows of 3,3 billion francs, corresponding to an annualized growth rate of six percent.

This was offset by outflows of 1,8 billion francs in the Institutional Clients segment. The bank noted that this reflects the challenging market environment for active managers, particularly in the first quarter of the year. A turnaround began in the second quarter, with Fixed Income and Equity Solutions contributing to positive net inflows.

Market Turbulence in April

The bank generated operating income of 689 million francs in the first half, down 5 percent from the prior year. This decline was mainly due to lower interest rates and a significant depreciation of the U.S. dollar, although it was partially offset by higher fee and commission income.

While trading results did not reach the record levels of the previous year, they remained strong, the bank emphasized: «Despite the market turbulence in April, Vontobel demonstrated its operational resilience, not least thanks to its conservative risk profile.»

Operating expenses fell by 2,4 percent to 540,9 million francs. The efficiency program is progressing as planned. The cost-income ratio stood at 77,9 percent, compared to 76,1 percent a year earlier.