Swiss private bank Edmond de Rothschild results for H1 show a consolidated net profit of CHF103.7m, a 200% jump compared to CHF34.6m a year ago.
The bank attributed the surge in profit to CHF60m gain from sale of its real estate assets.
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Operating results for the half year ended 30 June 2018 stood at CHF76.3m, an increase of 28% from last year.
Excluding scope effect related to the integration of EDRAM Suisse and real estate investment firm Cording, operating results increased 13% on a year-on-year basis.
The bank said that the rise in operating results was driven by the change in its private banking offer, as well as growth in credit transactions and balance sheet activities.
Assets under management totalled CHF139bn at the end of June 2018, up 1% from CHF137bn at the end of 2017.
The growth in assets was driven by the integration of Cording real estate activities, the bank said. The bank’s solvency ratio as at 30 June 2018 was 27.4%.
Edmond de Rothschild (Suisse) CEO Emmanuel Fiévet said: “In a more demanding context, with interest rates that are particularly low, and with high market volatility, our results continue to grow and confirm the success of our strategic choices. During this first half year, we have reinforced our expertise- particularly in real estate- and the cohesion between our different business lines in order to provide the best service to our institutional and private clients.
“As part of our continuous effort to improve the quality of the services we offer, we unified our information systems platforms, with the Luxembourg, Belgium, Spain, Portugal, and England subsidiaries migrating to the platform set up in Switzerland last year.”
