Vontobel Holding AG

Latest Results (22.11.2025):

Vontobel Holding AG — Q2 2025 (first half 2025) results: Vontobel reports a solid half-year performance in a challenging market environment with assets under management at CHF 233 billion, net new money of CHF 2.0 billion, and profit before tax of CHF 148 million (down 15% year‑on‑year). Operating income was CHF 689 million (-5% YoY), the cost/income ratio was 77.9%, and the CET1 ratio stood at a strong 16.7% at 30 June 2025.

Assets under management

AUM rose slightly to CHF 233 billion (from CHF 229 billion at end‑2024). Market performance added CHF 11.3 billion (including CHF 1.8 billion from the IHAG acquisition), while FX (mainly a weaker USD) reduced AUM by CHF 9.1 billion.

Net new money

Net new money totalled CHF 2.0 billion for H1 2025. Private Clients drove inflows of CHF 3.3 billion (about 6% annualized growth), while Institutional Clients saw CHF 1.8 billion of outflows over the six months, with flows turning positive in Q2 thanks to Fixed Income and Equity Solutions.

Profit and operating income

Profit before tax was CHF 148 million, down 15% versus the prior year, reflecting a sharp USD decline and lower interest rates after a record trading performance in H1 2024. Operating income was CHF 689 million (‑5% YoY); trading remained strong but below last year’s peak, and fees/commissions partly offset rate and FX headwinds.

Costs and efficiency

Cost/income ratio rose slightly to 77.9%. Operating expenses fell by CHF 14 million year‑on‑year. The CHF 100 million efficiency programme is on track and expected to run through end‑2026, supporting a lower cost base while investments in strategic growth continue.

Capital, funding and balance sheet

Vontobel reports a robust capital position after Basel III adjustments and recent acquisitions: CET1 ratio 16.7% and Tier 1 ratio 21.0% as of 30 June 2025. The firm also issued an inaugural public CHF 200 million senior unsecured bond to diversify funding.

Strategic progress and product activity

Integration of IHAG Private Bank clients and staff was completed ahead of schedule. Vontobel upgraded core banking infrastructure, entered the active ETF market in the US, launched a European Equity Income product, and expanded private markets with an asset‑backed finance fund.

Investor presentation

The half‑year 2025 results presentation and analyst Q&A were held on 24 July 2025 (webcast and replay available via Vontobel’s investor relations site).