SWITZERLAND - Financial services firm the Vontobel Group has posted a CHF 58.8m (e38.3m) profit for the first half of the year.
The figure marks a 112% increase on last year’s profit of CHF 27.7m.
“This good result is based on the recognised performance of the Vontobel Group in the market, and on operating improvements made in all three business areas,” said the group’s chairman of the board of directors Peter Wagner.
“Private banking increased its pre-tax segment profits in a positive business environment, especially in the first quarter, by 75% to CHF 26.2m. Asset management and investment funds turned in segment result of CHF22.9m, up 25%, and thus successfully stood its ground in an increasingly competitive market.”
As at June 30, 2004, the Zurich-based group managed CHF48.9bn in assets. Shareholder’s equity sat at CHF 932.7m and the group’s return on equity, on an annualised basis, increased to 13%.
“The positive results posted in the first half of 2004 reflect on the one hand the favourable market environment, especially in the first quarter of the year, and on the other hand significant operating improvements,” Wagner said in the half-year report.
“Following the strategic and organisational repositioning, as well as personnel changes in 2003, we have introduced and already partially implemented various operating measures to support a sustainable increase in our earning power.”
Meanwhile, Vontobel has announced the appointment of Claudia Kraaz as the new head of corporate communications.
Kraaz, formerly with Credit Suisse Group, will take up the position at the start of December.
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