Private bank Rothschild & Co's lower revenues from its interest rate business were partly offset by higher commission and services income, but profits were still lower.
Zurich-based private bank Rothschild & Co posted a net profit of 10.1 million Swiss francs ($11.0 million) in the first half of 2021, around 9 percent less than a year earlier, a profit-and-loss statement posted in Switzerland’s commercial register shows.
Fall in operating profit was significantly lower at around 1.6 percent to 12.5 million francs.
Total Income stable
The bank’s revenues from its interest business fell 29 percent to 11.0 million francs. By contrast, revenues from commissions and services grew 16 percent to 47.1 million francs.
Total income was slightly higher (plus 0.3 percent) at 71.8 million francs.
Rothschild & Co has said it want to grow its business in Germany and Spain. At the end of 2020, the bank employed almost 300 people. At the end of that year it took over the Geneva financial boutique Pâris Bertrand, with closing in July 2021.
