Net profit up 32%
> Operating profit amounted to CHF 59.6 million, up nearly 9% compared with the first half of 2016 on a like-for-like basis.
> Consolidated net profit was CHF 34.6 million, up nearly 32% year-on-year on a like-for-like basis.
> Assets under management amounted to CHF 119 billion, compared with CHF 118 billion at the end of 2016.
> The Bank’s financial strength remains of the first order, with a capital ratio of 25%.
STRONG GROWTH IN RESULTS
As of 30 June 2017, client funds amounted to CHF 118.9 billion, compared with CHF 118.1 billion at the end of 2016, driven in particular by growth in Asset Management volumes and healthy market conditions.
On a like-for-like basis, operating profit was CHF 59.6 million, up 9% compared with the first half of 2016 (+3.4% excluding the restatement of the disposal of Edmond de Rothschild (Bahamas) Ltd.). Consolidated net profit amounted to CHF 34.6 million, up 32% year-on-year (+19% excluding the restatement of the disposal of Edmond de Rothschild (Bahamas) Ltd.). The increase in operating profit was due in particular to successful partnerships, especially in Asset Management, the good performance of asset-liability management, and contained operating expenses, despite a decrease in the volume of transactions.
SOLID FINANCIAL SITUATION
The balance sheet of Edmond de Rothschild (Suisse) S.A. remained of the first order. Combined with conservative risk management, this resulted in a capital ratio of 25% at the end of June 2017, well above the 12% legal minimum. Surplus shareholders’ equity amounted to almost CHF 560 million.