July 25, 2019 / 5:14 AM / 3 months ago

Swiss bank Vontobel posts net profit decline, affirms 2020 targets

BERLIN, July 25 (Reuters) - Swiss private bank and asset manager Vontobel posted a 1% net profit decline in the first half of the year as assets under management rose to 186 billion Swiss francs ($188.85 billion).

“Vontobel generated a respectable result for the first half of 2019 despite the continued challenging operating environment,” the bank said in a statement.

“We are committed to our ambitious 2020 targets, although we expect the environment to remain challenging in the second half of the year,” the Zurich-based company added.

$1 = 0.9849 Swiss francs Reporting by Thomas Seythal in Berlin and Brenna Hughes Neghaiwi in Zurich Editing by Riham Alkousaa

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