A sharp rise in revenue coupled with a streamlined cost base propelled Vontobel to a net profit of SFr216 million for the first half of 2026, marking an 87 per cent surge compared to the same period last year as the Swiss private bank continues to outpace its own efficiency targets.
The Zurich-listed firm reported total revenues of SFr852 million, a 24 per cent increase that helped drive the cost-income ratio down to 67.9 per cent. This performance comfortably beat the bank’s through-the-cycle target of 72 per cent. Return on equity climbed to 16.9 per cent, while the Common Equity Tier 1 ratio reached 23.2 per cent.
Assets under management grew to SFr252.2 billion by the end of June. While reported net new money reached SFr2.5 billion, the figure was impacted by SFr1.3 billion in outflows from the insourcing of a Raiffeisen fund mandate and SFr2.5 billion in outflows from Quality Growth strategies. Excluding these specific factors, the bank noted that net new money would have hit SFr6.3 billion.
Management credits an internal efficiency programme for much of the progress, noting that the SFr100 million initiative is running ahead of schedule and will conclude by year-end. This focus on costs has already yielded a 10-percentage-point improvement in the cost-income ratio year-over-year.
Looking toward expansion, Vontobel recently opened a Los Angeles office and plans a October launch in Düsseldorf to target high-net-worth clients. The firm also announced a significant leadership expansion, with four new members set to join the executive committee in August, including incoming CFO Antoine Boublil, pending regulatory approval.
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