July 28, 2020 / 5:15 AM / 11 days ago

Vontobel extends mid-term targets, posts 4% half-year pre-tax profit rise

ZURICH, July 28 (Reuters) - Swiss wealth and asset manager Vontobel on Tuesday extended its financial targets through 2022 after increasing pre-tax profit by 4% in the first six months of 2020.

“Despite the difficult environment, we remain confident about the future development of Vontobel,” Chief Executive Zeno Staub said in a statement. “We remain committed to our targets for the current year and we want to continue to deliver growth in this challenging market environment, as demonstrated by the ambitious targets that we will now pursue in the period up to 2022.”

The bank said profit after tax decreased slightly to 129.2 million francs, from 131.1 million francs the year before, following a 46% rise in tax expenses. (Reporting by Brenna Hughes Neghaiwi; editing by Thomas Seythal)

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