Financial Results

CBH AuM Up In 2023

Amanda Cheesley Deputy Editor 15 August 2023

CBH AuM Up In 2023

Last week, Geneva-based private bank Compagnie Bancaire Helvétique (CBH) reported strong financial results in the first half of 2023.

Assets under management at Compagnie Bancaire Helvétique (CBH) grew by 4.4 per cent to SFr14 billion ($16 billion) in the first six months of the year, from SFr13.4 billion at the end of 2022, driven by net new money and positive market performance.

This was partially offset by foreign exchange impacts, the private bank said in a statement. Net new money inflows were also supported by hiring relationship managers, particularly in CBH’s Brazilian subsidiaries, as well as in the Middle East, the firm added.

The bank reported a big increase in its net operating income, which reached SFr100 million in the period under review, due to higher net interest rate income and a rise in fees and commissions. This was led mostly by commission income from securities trading and investment activities, the firm said. 

CBH’s operating expenses, which climbed by 18 per cent in 2023 compared with the first half of 2022, reached SFr39.9 million, mainly driven by an increase in personnel expenses. This reflected the hiring momentum in IT services and private banking. The positive developments led to an increase in its operating result, which reached SFr57.97 million, and a net profit in the first six months of this year of SFr25.34 million.

“These excellent results confirm the consistent and successful execution of our strategic plan to diversify the bank’s services with a full range of complementary services to traditional private banking, in particular with our family office solutions, private markets division and asset services and structuring offering, as well as the hiring of several experienced talents,” CEO Philippe Cordonier said. Looking ahead, Cordonier is cautiously optimistic for the remainder of 2023.

The private bank, licensed in Switzerland, provides wealth management services to private and institutional clients, with its affiliated companies regulated by the authorities in Luxembourg, the United Kingdom, The Bahamas, Hong Kong and Brazil.

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