Reyl, the Geneva-based banking group, increased its profit in the first half almost ten times, mostly due to the sale of a stake in its asset management company. Business otherwise was mixed.
The result looks fantastic: Reyl, the family-owned bank from Geneva, had a profit of 97.3 million Swiss francs ($100.3 million) in the first half, up from 10.3 million a year earlier, the company said in a statement on Thursday.
The jump in profit however to a large degree is the result of the sale of a stake in RAM Active Investments to Mediobanca.
Cost Control
Assets under management also showed healthy growth, adding more than a fifth to 16.3 billion francs.
The operative business by contrast proved challenging. Commission income dropped to 24.3 million francs from 48.5 million a year ago. Interest income doubled to 5.5 million and the company also earned more through trading.
Costs declined by almost a fifth, boosting operating profit to 14.7 million from 12.3 million.
