VZ (VZN) H2 2024 earnings summary

Executive summary

• Achieved strong growth with total revenues up 13.2% year-over-year to CHF 525.1 million and net profit up 17.1% to CHF 219.1 million, driven by increased client inflow and high client satisfaction.

• Consulting capacity expanded by 7.7% to 237 FTEs, with 9,569 new platform clients and net new money (NNM) per consulting FTE at CHF 21.7 million.

• Assets under management (AuM) rose 18.2% to CHF 53.1 billion, with 82,902 wealth management clients, up 13% year-over-year.

• Maintained top rankings in mobile banking and high Net Promoter Scores (NPS) for both consulting (74.1) and wealth management clients (80.3).

Financial highlights

• Total revenues increased 13.2% year-over-year, with consulting fees up 4.1%, management fees on AuM up 16.3%, and insurance result up 37.5%.

• EBIT grew 16.0% to CHF 253.9 million, with EBIT margin at 48.4% (2023: 47.2%).

• Net profit margin improved to 41.7% from 40.3% in 2023.

• Personnel expenses rose 12.0% and other operating expenses increased 7.1% year-over-year.

• Balance sheet total grew 14.6% to CHF 7,488.1 million; customer deposits up 12.4%.

Outlook and guidance

• Long-term growth trajectory remains intact, with continued focus on client inflow, consulting capacity, and platform usage.

• Interest business expected to decline in 2025 due to SNB rate cuts; top and bottom line growth in 2025 projected below long-term averages, with a return to historical growth rates anticipated from 2026.

• New Basel III Endgame regulation expected to positively impact BIS CET1 ratio in 2025.