The Swiss bank’s net profit edged lower despite a trading boom, but it will keep its shareholder payout steady. Its investment managers continued to haul in fresh money.
The Zurich-based bank’s net profit fell to 259.4 million Swiss francs ($291.1 million), from 266.1 million francs year-ago, it said in a statement on Thursday. The result was held back by spending to reinvent itself, and a higher tax rate than in 2019.
Vontobel’s income was virtually unchanged at 1.27 billion francs, after an 11 percent fillip from trading sparked by the pandemic offset a drop in commissions in fees and feeble interest income.
The bank took in 14.8 billion francs in new assets last year, two-thirds in its flagship asset management arm. It said it will pay out 2.25 francs per share to shareholders – unchanged from 2019.
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