Half Year 2025 Vontobel Holding AG Earnings Call Transcript
Key Points
- Vontobel Holding AG (XSWX:VONN) delivered a solid profit before tax of CHF148 million despite significant macroeconomic headwinds.
- Assets under management increased to CHF233 billion, supported by CHF2 billion of net new money.
- Private Clients achieved a strong 6% net new money growth, reaching the top of their target range.
- The company maintained a strong CET1 ratio of 16.7%, comfortably absorbing the Basel 3 final impact.
- Vontobel successfully launched three new investment strategies and completed the integration of the IHAG client book ahead of schedule.
- Net interest income declined by 29% due to SNB rate cuts and a weaker dollar.
- Institutional Clients experienced negative net new money at half year, with a significant outflow from one large quant mandate.
- The revenue margin for Private Clients declined by 14 basis points, partly due to lower Structured Solutions revenues.
- Operating expenses decreased by only 2%, indicating limited impact from the efficiency program amidst revenue declines.
- The company faced a sharp but brief slowdown in client activity after Liberation Day, affecting trading and other income.
Ladies and gentlemen, welcome to the presentation of the Vontobel half year 2025 results webcast. I am Sandra, the Chorus call operator. (Operator Instructions) and the conference has been recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it is my pleasure to hand over to Christelle Rondudy-Linde. Please go ahead, madam.
Good morning, and a very warm welcome from Georg, Thomas and myself. Today, Georg and I will focus on the highlights and share some more details on how we are executing on our strategy. Thomas will then take you through the numbers in detail, after which we look forward to opening the line and taking your questions.
Let me start with the environment in which we delivered our half year results. Equities delivered a choppy yet positive performance. After a shaky start driven by tariff headlines, indices recovered strongly as trade tensions eased.
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