Swiss private bank Vontobel has posted adjusted net profit of CHF217.9m for the year 2017, an increase of 12% compared to last year.
The company’s advised client assets reached a new record level of CHF186.6bn in 2017, an average annual increase of 12.5% over the last four years.
The Swiss private bank in its earnings statement revealed that it added CHF5.9bn in new money to its books last year.
Vontobel CEO Zeno Staub said: “Our robust 2017 result once again highlights our successful business model as a globally active Swiss financial expert with a focus on wealth management, asset management and financial products.
“In 2018, we will continue to invest in our relationship with existing and new clients – thus investing in growth.”
Pre-tax profit in Combined Wealth Management (CWM) division grew by 34% to CHF 83.5m in 2017. The division consists of Wealth Management and the External Asset Managers (EAM) businesses of the group.
The CWM division attracted CHF2.2bn of net new money last year, which represents a growth of 4.7% compared to last year.
The Asset Management division of the group reported a pre-tax profit of CHF162.8m for the full year 2017. The division achieved a gross margin of 44 basis points during the year.
In total, the Asset Management arm grew its assets under management to CHF110.3bn, an increase of 20% compared to the previous year.
At the end of 2017, Vontobel’s BIS common equity tier 1 (CET1) ratio stood at 18.4%. The return on equity was 13.1% for 2017.