Vontobel (VONN) Q2 2025 earnings summary

Executive summary

• Delivered CHF 148 million profit before tax, down 15% year-over-year, amid macro headwinds, market volatility, and a weaker dollar.

• Assets under management increased to CHF 233.3 billion, supported by CHF 2.0 billion net new money and strong Private Client inflows at a 6% annualized growth rate.

• Efficiency program on track, with CHF 62 million run-rate savings and a target of CHF 100 million by end-2026, while continuing to invest in growth areas.

• Integration of IHAG client book completed ahead of schedule, with targeted hires and new investment strategies launched.

• CET1 ratio increased to 16.7%, providing a strong capital buffer above regulatory requirements and diversified funding sources.

Financial highlights

• Operating income was CHF 689 million, down 5% year-over-year, with net profit at CHF 116 million and pre-tax profit at CHF 148 million.

• Net new money totaled CHF 2.0 billion, with strong Private Client inflows and Institutional Client outflows offset by Q2 recovery.

• Cost/income ratio rose to 77.9% from 76.1% year-over-year, reflecting revenue decline and cost discipline.

• Return on equity was 10.2%, with return on CET1 capital at 18.5%.

• Basic earnings per share was CHF 2.06, down from CHF 2.32 in H1 2024.

Outlook and guidance

• Focused on profitable growth in Private and Institutional Clients, leveraging core strengths and efficiency gains.

• Efficiency program to be completed by end of 2026, with ongoing cost discipline and capital accretion.

• Management maintains mid-term targets: 4–6% net new money growth, ROE >14%, cost/income ratio <72%, CET1 ratio >12%.

• Net interest income projected at €75–85 million for H2, with slight further decline anticipated.

• Full-year tax rate guidance maintained at 22%.