Vontobel achieves good result for first half of 2020

Media release
7/28/2020 Reading time: 1 minute(s)

  • Positioning as pure-play investment manager confirmed and implementation of organizational changes largely completed
  • Growth in net new money of CHF 7.4 billion or 7.5% on an annualized basis significantly exceeds ambitious target range of 4–6%
  • Solid development of margins and stable outlook for second half of 2020 despite COVID-19 underscores client focus and large proportion of recurring commission income
  • Pre-tax profit increased 4% to CHF 156.1 million, or 6% on an adjusted basis
  • Advised client assets of CHF 218.6 billion recovered well after declining due to corona
  • Operating income of CHF 623.0 million, stable year on year, with significantly improved income quality
  • Cost/income ratio of 75% improved year on year
  • Good return on equity of 13.4%
  • Secure capital position: Tier 1 capital ratio increased to 20.2%
  • Ambitious capital market targets extended to 2022
  • Asset Management is driver of growth with very good income quality: Gross margin of 42 basis points; 4% increase in operating income
  • Wealth Management increases gross margin to 75 basis points and grows income by 2%
  • With its business model as a pure-play, client-centric investment manager without a corporate lending business, Vontobel is secure and well positioned to navigate the anticipated recession