Banque Reyl & Cie has reported a profit of CHF4.1m for the first half of 2016, a 63.4% slump compared to CHF11.2m in the prior year.
Operating profit stood at CHF6.2m, a fall of 54.2% from CHF13.4m in the corresponding period of 2015.
Total operating expenses dipped 16.1% to CHF39.4m from CHF47m a year earlier.
However, net result from interest operations increased to CHF1.75m from CHF1.35m a year ago.
CEO Francois Reyl and chairman of the board of directors Dominique Reyl in a joint statement said: “The first half of 2016 has come to an end with globally satisfactory results for the REYL Group (the “Group”), REYL & Cie Ltd and its Swiss branches (the “Bank”), as well as for the Bank’s affiliates in Switzerland and abroad.
“These results must be considered in the context of the challenging environment which continues to affect the banking sector, with notably high levels of vola-tility in the financial markets at the beginning of the year followed by further volatility in the currency markets in the wake of Brexit at the end of the first half. Furthermore, the constantly evolving regula-tory framework requires continuous attention and investment.”