2023 Half Year Results
Net New Money inflow
Assets under management continued to grow to CHF 13.99 billion, up 4.4% from CHF 13.4 billion at the end of 2022, driven by net new money and positive market performance, partially offset by foreign exchange impacts. Net new money inflows were also supported by the hiring of experienced relationship managers particularly in CBH’s Brazilian subsidiaries, as well as in the Middle East region.
Significant growth in operating result led by increase in total revenues
The Bank reported a significant increase in the Group’s net operating income, which reached CHF 100.03 million in the period under review, thanks to significantly higher net interest rate income and a rise in fees and commissions, led mostly by commission income from securities trading and investment activities. CBH’s operating expenses of CHF 39.9 million increased by 18% compared to the first half of 2022, mainly driven by an increase in personnel expenses, reflecting the hiring momentum in both IT services and private banking. These positive developments allow the Bank to publish a substantial increase in its operating result, which reached CHF 57.97 million allowing to present a net profit for H12023 of CHF 25.34 million.
CBH’s already solid capitalization was strengthened significantly in the first half of 2023, with a Tier 1 ratio of 34.63% and a consolidated shareholders’ equity (which includes the profit for H1 2023) of CHF 341 million compared to CHF 290.5 million at the end of 2022. The quality of the Bank’s balance sheet and its financial strength were also reconfirmed by S&P’s BBB/A-2 credit rating.
“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 & Structuring offering, as well as the hiring of several experienced talents” said Philippe Cordonier, Chief Executive Officer. “We remain cautiously optimistic for the remainder of 2023, and are confident that our current trend will prevail and position us favorably for the future, allowing us to provide reliable, secure and best-in-class services to all our clients.”