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Vontobel (VONN) investor relations material
Vontobel Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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%.
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