Compagnie Bancaire Helvétique (CBH) improved its operating result in the first half of the year. Its personnel expenses also increased significantly.
Geneva-based private bank CBH Compagnie Bancaire Helvétique (CBH) reported a significantly higher operating result for the first half of the year, as operating income rose from 13.5 million Swiss francs last year to 58 million francs ($66.2 million), and net profit increased from just under 11.2 million to 25.3 million francs compared to the previous year.
Sharp Rise in Personnel Costs
This is mainly due to significantly higher interest income and increased fees and commissions, especially commission income from the securities and investment business, according to a media release on Thursday
CBH's operating expenses increased 18 percent to 39.9 million francs, and were mainly attributable to increased personnel expenses, reflecting the momentum in recruiting staff in both IT services and private banking.
Cautiously Optimistic
Assets under management climbed 4.4 percent to 13.99 billion francs since the end of last year, while net new assets benefited from the recruitment of experienced client advisors in CBH's Brazilian and Middle East subsidiaries.
Looking ahead, the private bank believes it is on track. «We remain cautiously optimistic for the remainder of 2023, but are confident that our current trend will prevail and that we are well positioned for the future,» says CEO Philippe Cordonier.
