Vontobel’s private banking unit posted positive gains in the
first six months of 2011 but pre-tax profit, assets under
management (AuM) and net new money (NNM) were all down on a
year-on-year basis.

Vontobel was also the latest Swiss bank to highlight the
negative impact of currency fluctuations on its bottom line.

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The Swiss bank’s recognition of currency pressure came as the
Swiss National Bank (SNB) decided to pump an extra CHF40bn
($55.1bn) into its economy on top of the extra CHF50bn it injected
last week.

It comes a week after
the Swiss central bank cut the target range for three-month Libor
rates from 0.00–0.75% to 0.00–0.25% and expanded bank
deposits.

 

Vontobel’s mixed messages

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Vontobel’s private banking business reported a CHF20.3m pre-tax
profit for the first half of 2011, up 15% from CHF17.2m as at 31
December 2010.

In spite of the half-on-half growth, the year-on-year results
showed a 35% decline in pre-tax profits, from CHF31.3m for the
corresponding period last year.

Private banking operating income stood at CHF122.8m, up 2% from
CHF120.3m as at 31 December 2010, but down 4% on a year-on-year
basis from CHF128.2m.

NNM at Vontobel Group stood at CHF0.9bn as at 30 June 2011, up
about CHF600m from CHF0.3bn for the same period ending 31 December
2010.

However, group NNM saw a 25% year-on-year decline from CHF1.2bn
when compared to the first six months of 2010.

The private bank’s NNM, which reached CHF0.7bn as at 30 June
2011 was up from CHF0.2bn as in December 2010, but down 30% on a
year-on-year basis, from CHF1bn as at June 2010

The 1H 2011 growth mainly came from German-speaking Europe, as
well as in Central and Eastern Europe.

Private bank’s AuM saw a marginal decline, by 3%, to CHF28.8bn
as in June 2011, compared with CHF29.6bn as at December 2010.

AuM also fell by 2% on a year-on-year basis from CHF29.3bn as at
June 2010.