Geneva-based private bank Banque Heritage posted a profit and saw a slight rise in net new money inflows last year, despite the financial market turbulence.
Bank Heritage posted a net profit of 2.9 million Swiss francs ($3.2 million) in 2022, compared with a loss of 1.7 million francs in the previous year, it said in a statement Thursday.
The private bank recorded inflows of new money both in Switzerland and at its subsidiary in Uruguay, while assets under management decreased by 10 percent to 4.06 billion francs, it said.
Positive Trend
The Bank, owned by the Spanish-Swiss family Esteve, attributed the decline to the challenges in last year’s financial markets, such as the simultaneous downturn in equity and bond markets, inflationary pressures and restrictive central bank monetary policies.
«The 2022 results confirm that the strategic realignment of both the Swiss bank and the Group, undertaken in recent years, is on track to deliver sustainable profitability for the future,» CEO of Banque Heritage, Marcos Esteve, said and added that so far, 2023 confirmed the upward trend.
