Vontobel posts $146 million profit for first half of 2025, missing forecasts

Vontobel VONN on Thursday reported a net profit of 115.5 million Swiss francs ($145.7 million) for the first half of 2025, missing forecasts in what the Swiss bank said was a challenging market environment characterised by a sharp decline in the U.S. dollar and lower interest rates.

Analysts had on average expected a net profit 131.7 million Swiss francs, according to a consensus cited by ZKB.

Shares were down more than 5% in early trading.

Vontobel said it continued to see net new money outflows from institutional clients in the first half of 2025, despite a turnaround to positive flows in the second quarter.

Net new money totalled 2 billion Swiss francs ($2.5 billion) overall, with the private client segment contributing 3.3 billion francs, the bank added in its half-year results presentation.

The institutional clients segment saw outflows of 1.3 billion francs over the half-year, affected by the loss of one large mandate, Vontobel said.

Assets under management were up to 233 billion francs from 229 billion at the end of 2024, driven by market performance and despite negative exchange rate impacts of 9.1 billion Swiss francs, according to the statement.

"Flow trends are clearly improving, which is encouraging, although we expect investors could be concerned by a heavy revenue-driven miss," Citi analysts wrote in a note.

($1 = 0.7929 Swiss francs)