Swiss asset and wealth manager Vontobel has posted a group net profit of CHF105.7m for the first half of 2016, an increase of 8% compared to CHF97.8m a year ago.
The group's total operating income stood at CHF496.8m, a fall of 2% from CHF507.6m in the prior year.
The group’s operating expense declined 5% year-on-year to CHF367.1m.
Asset management segment was the main earnings driver at Vontobel, recording a 26% surge in pre-tax profit to CHF85.3m in the first half from CHF67.9m in the prior corresponding period.
The bank’s wealth management unit contributed CHF34.2m to pre-tax profit during the period.
The private banking unit of the bank recorded a pre-tax profit of CHF26.6m, an increase of 4% from CHF25.5m a year earlier.
Vontobel CEO Zeno Staub said: "The first half of the year demonstrates that with our strategy, which is focused on delivering benefits for clients and on maintaining our entrepreneurial agility, Vontobel is well positioned to operate even in difficult periods and is on the right track. All three businesses – Wealth Management, Asset Management and Financial Products – display a high level of profitability and business momentum.
“In this context, Vontobel is primarily striving to generate organic growth, which can be supported by individual transactions – as underscored by the agreements with Raiffeisen.”