Half Year 2024 VZ Holding AG Earnings Call Transcript
Key Points
- VZ Holding AG (XSWX:VZN) reported a top-line growth of 12.8%, reaching CHF252.9 million.
- The company achieved a bottom-line increase of 19.1%, resulting in a net profit of CHF102.8 million.
- Assets under Management (AuM) increased by 16.4% to CHF49.6 billion.
- The company gained 4,188 new households using its platform services.
- VZ Holding AG (XSWX:VZN) plans to expand its consulting capacity by 8% in 2024 and further in 2025.
- Net interest income is expected to decline in the second half of 2024 due to SNB interest rate cuts.
- Transaction fees decreased due to the strong demand for all-in fee models and index-oriented investment styles.
- The EBIT margin decreased from 49.2% in the second half of 2023 to 47.1% in the first half of 2024.
- The company experienced higher claims in its insurance business, which were conservatively reserved.
- The net new money number per consulting capacity was slightly weaker than in the first half of 2023.
Good morning, and welcome to the presentation of our 2024 half-year results. I assume that everyone has been able to download our presentation, which is available on our website. I will guide you through the presentation today together with our Chief Financial Officer, Rafael Pfaffen. Rafael will take over agenda item 2, and I will take you through agenda items 1 and 3. We will both take your questions at the end of the presentation.
So let's start our presentation with the summary on page 3. Over the last six months, the market environment improved steadily despite ongoing geopolitical tensions. We had falling inflation rates, robust economic growth, the first-interest rate cuts in Europe and the prospect of a first-interest rate hike in the US that have supported financial markets. In this market environment, we were able to further expand our business.
It was also favored by the ongoing need for reform in the Swiss pension system, on which the Swiss population has to express its opinion on two
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