Edmond de Rothschild (Switzerland) improves its assets under management

In the first half, however, the private bank saw its operating profit fall by 5.1% to 514.2 million francs.

The private bank Edmond de Rothschild (Switzerland) reported for the first six months of the year a half-year profit down 5.4% to 61.6 million francs compared to the same period a year earlier. . However, its assets under management have increased.

From January to June, operating profit fell 5.1% to 514.2 million, indicates the 2024 half-year report.

The result of interest operations fell by 39.1% to 55.1 million, that of commissions and services remained relatively stable, weakening by 0.9% to 337.6 million, and that of trading, on the other hand, increased by 12.2% to 105.6 million.

Expenses increased slightly by 2.3% to 418 million due to banker commitments in the first half and general expenses. Operating profit thus fell by 43.1% to nearly 52 million over one year.

As of June 30, the assets under management stood at 178 billion, an increase of almost 9%, compared to 163.4 billion at the end of 2023.

The group employs a total of 2,624 people, including 752 in Switzerland. It presents a Basel III hard capital (CET1) balance sheet of 19.8%, beyond the regulator’s requirement, and a short-term liquidity ratio (LCR) of 218.9%.