Half Year 2024 Vontobel Holding AG Earnings Call Transcript
Key Points
- Profit before tax increased by 12% to CHF173 million, indicating strong financial performance.
- Net inflows of CHF2.3 billion were driven by strong inflows from private clients and a halt in institutional client outflows.
- Assets under management with private clients surpassed the CHF100 billion mark for the first time.
- The acquisition of a significant minority stake in Ancala expands investment capabilities and represents a growth avenue.
- The efficiency program is on track, with a target to achieve a gross cost reduction of CHF100 million by the end of 2026.
- Net interest income decreased by 34% due to rising refinancing rates and a shift in the deposit mix.
- The group net profit saw a modest increase of only 2% due to an increase in the tax rate from 17% to 25%.
- Foreign exchange effects resulted in a profit reduction of CHF10 million versus the first half of 2023.
- The CET1 ratio decreased to 18.3% due to increased client activity and the Ancala acquisition.
- Institutional clients' revenues decreased by 3%, influenced by previous reductions in assets under management.
Good morning, everyone. Today, Georg, Thomas and I will report on our financial results and share highlights on our strategic progress from the first six months of the year. First, let's briefly review the market context of this first half year and how it played into our results.
Equity markets witnessed sustained strong performance, fueled by easing inflationary pressures, continued resilient global growth, and the end of the tightening cycle for the major central banks. First cuts were delivered by the European Central Bank and the Swiss National Bank. These costs, combined with the market expecting the Fed to start its own easing cycle in the second half of this year, allowed for consolidation in fixed income markets.
Within currency markets, the dollar emerged as the strongest performer among major currencies driven by robust economic data and a delayed easing cycle. The Swiss franc, despite an initial decline in the first quarter following a surprise rate cut by the
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