BHF Kleinwort Benson Group, a Belgium-based financial services group, has registered an operating profit of EUR8m for the six months ended 30 June 2015, compared to a loss of EUR15.8m a year ago.
Operating income for the first half of 2015 was EUR191.3m, an increase of 11% compared to EUR173m in the year ago period.
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The group’s assets under management (AuM) stood at EUR58.5bn, a rise of 8% from EUR54.2bn at the end of December 2014, with strong inflows from international investors and good growth in the private banking business’ net new money.
During this period, the group’s operating expenses rose 2% to EUR179.3m from EUR175.8m a year ago.
The group’s net asset value increased to EUR819.7m from EUR797.6m in December 2014. The group’s Tier 1 capital ratio at 30 June 2015 stood at 17%.
BHF Kleinwort Benson CEO Leonhard Fischer said: "The first half year results of 2015 underpin that we are on track to deliver on our targets for 2017.
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By GlobalData"We made significant progress in streamlining our businesses with a particularly strong performance at Kleinwort Benson and we saw margins improve across all areas of the business as a result of pricing discipline and proactive portfolio management."
