Operating results up by 28%
- Operating results reached CHF 76 million, up by 28% compared to the first half of 2017.
- Consolidated net profit was CHF 104 million, versus CHF 35 million at 30 June 2017.
- Assets under management amounted to CHF 139 billion, compared to CHF 137 billion at end-2017.
- The Bank's financial strength remains top-notch, with a solvency ratio of more than 27%.
STRONG GROWTH IN RESULTS
At 30 June 2018, client assets amounted to CHF 139 billion, against CHF 137 billion at 31 December 2017, buoyed in particular by growth in assets under management and the full integration of the Cording real estate activities as at 1 January 2018.
The operating results amounted to CHF 76.3 million, a progression of 28% compared to the first half of 2017. At constant scope (excluding scope effect related to the integration of EDRAM Suisse in October 2017 and Cording at 1 January 2018), growth was +13%. The growth in operating results is mainly explained by the change in our Private Banking offer, growth in assets under management, credit transactions and balance sheet activities. The targeted growth of our businesses, in line with our strategy, provides us the means to manage operating costs.
Consolidated net profit reached CHF 103.7 million, versus CHF 34.6 million in June 2017, driven by growth in our businesses, as well as by the CHF 60 million after-tax gain from sales and lease-back transactions on the real estate assets of Edmond de Rothschild (Suisse).
Edmond de Rothschild (Suisse) S.A. continues to benefit from a strong, top-notch balance sheet. Using a conservative risk management strategy, this balance sheet gives it a solvency ratio of 27.4% at end-June 2018, largely surpassing the legal minimum (12%), showing a surplus of equity capital of more than CHF 600 million.