Non-recurring effects have strongly influenced the first half at Geneva-based Reyl, with the pandemic not the only or even main factor.
Reyl Group had an operating loss of 2.4 million Swiss francs ($2.6 million) in the first half of 2020, mainly due to a temporary slowdown in corporate advisory and structuring and in connection with the setting up of Asteria Investment Managers, a unit that specializes in impact investing. Asteria, which is led by Katia Coudray, will become operational in the third quarter.
Alpian Stake Divestment
Net income by contrast surged to 3.2 million francs from 2 million a year ago, the company said in a statement on Tuesday. The profit reflected the extraordinary income of 6.8 million francs from the reduction in the group’s stake in Alpian, a Swiss digital bank for the mass affluent client segment. The partial divestment had been anticipated when the business was set up.
The bank has also been able to grow its business despite the pandemic, with assets under management increasing by 6 percent to 13 billion francs, compared with the end of June 2019. It generated net new money worth 294 million francs.
Bank Is «Satisfied» With Result
The balance sheet total increased by 11 percent to 1.8 billion from the end of December 2019, while the Tier 1 ratio contracted slightly to 19.8 percent.
The bank is satisfied with the result it achieved and didn’t give guidance for the full year.
