Hyposwiss Private Bank has released its financial results for the first half of 2024, revealing a mixed picture of growth and challenges.
The bank reported an 8.3 percent increase in assets under management, reaching 6.2 billion Swiss francs. However, net profit declined by 41.4 percent compared to the previous year. The bank's operating income remained stable, with a slight decrease of 0.2 percent.
Commission income increased, but this was offset by declines in interest income, trading activities, and other ordinary income streams.
The bank's leadership consists of Alain Lévy as president and Albert Lawi as CEO. They represent the second generation of a family of financiers with a rich history in asset management.
The bank operates through two subsidiaries and has a branch in Zurich, a representative office in Tel-Aviv, and a minority stake in Stavanger Asset Management in Norway.
The bank's operating profit improved significantly, rising to 4.1 million francs in the first half of 2024. However, net profit declined to 2.8 million francs, largely due to the absence of extraordinary income that had boosted the previous year's results.
The mixed results reflect broader trends in the financial services industry, highlighting the need for ongoing vigilance in managing costs and optimizing revenue streams. The bank's historical roots and established presence provide a solid foundation, but innovation and adaptability are crucial for future success.