In a context marked by the conflict in Ukraine, persistent inflationary pressures and an environment of monetary tightening, REYL Intesa Sanpaolo saw its net profit triple in the first half of 2023.
As at 30 June 2023, on a like-for-like basis compared with 30 June 2022 and excluding foreign subsidiaries and minority shareholdings, REYL Intesa Sanpaolo reported operating income up 21% to CHF 65.1 million, operating profit of CHF 11.1 million compared with a loss of CHF 3.3 million, and a net profit of CHF 10.5 million, an increase of more than 200%.
As part of a refocusing of the Wealth Management division which aims at better identifying the Bank’s target markets and clients, assets under administration contracted by 9% to CHF 16.4 billion, albeit with a strong improvement in return on assets to 75 basis points.
Operating expenses fell by 5% as a result of the restructuring programme implemented following the merger between REYL & Cie and Intesa Sanpaolo Private Bank (Suisse) Morval in 2022. The cost/income ratio improved considerably to 78%. The Bank’s balance sheet, liquidity and equity remain solid, with a Tier 1 ratio of 17.7%.
REYL Intesa Sanpaolo continues to pursue an innovative strategy prioritising the active search for synergies between its five business lines – Wealth Management, Entrepreneur & Family Office Services, Corporate Finance, Asset Services and Asset Management – as well as between its locations in Switzerland, Europe, the Middle East, Asia and Latin America, in order to offer its clients a range of high value-added skills and services, going beyond the scope of traditional wealth management. REYL Intesa Sanpaolo is pursuing an organic growth strategy based on high-potential institutional partnerships and is confident of making further progress in the second half of the year.