The Swiss private bank said profits rose last year, and that it will hike an annual payout to shareholders. The Geneva-based firm suffered outflows as well as a prominent U.K. exit.
After years of turnaround struggles, the aristocratic Genevan private bank has found its footing: Banque Edmond de Rotschild said on Thursday it lifted net profit by nearly one-third to 76 million Swiss francs.
As a result, the listed private bank said it will lift its dividend to shareholders by 11 percent on the year to 75 francs a share. A 2 percent rise in revenue boosted profits, while the bank kept a lid on costs, which were steady at 530 million, the bank said.
2017 Withdrawals
Rothschild lifted assets by 16 percent to 137 million francs, thanks in part to integrating its fund subsidiary. But the bank also suffered an outflow of 2.5 billion francs following a wider refocus of its client base and priority markets.
Separately, the bank confirmed the departure of Stephen Rothwell as its head of U.K. private banking after it restructured its British arm last year. The bank had decided to relocate some London jobs to elsewhere in Europe – namely Geneva, Paris, and Luxembourg – but said it remains committed to the U.K. market.
