Swiss private bank J. Safra Sarasin is one of the industry's most voracious consolidators and a fillip to its profits so far this year underpins its deal ambitions.
The Safra family-controlled private bank's profit grew over five percent to 201.6 million Swiss francs ($220.2 million) in the first half, according to a profit-and-loss statement posted in Switzerland’s commercial register.
Revenue rose more sharply – nearly ten percent on the year – to 670 million francs, due to a surge in commissions and fees as well as a bump in trading income. J. Safra Sarasin said that favorable markets as well as the net new money it attracted underpinned a rise in its overall assets under management from the 192.4 billion francs at the end of 2020 – and in turn bolstered fees. The bank did not give a figure for assets under management as of June 30.
Squirreling Away Profits
J. Safra Sarasin typically eschews taking profits out in favor of stowing the money instead. Its reserves rose by 1.81 billion francs in the first six months as a result. Its total capital is 5.63 billion francs.
This gives J. Safra Sarasin ample leeway on dealmaking, where it has snapped up a series of acquisitions including Bank of Montreal's wealth business in Asia in January. Chairman Juerg Haller voiced his willingness to continue doing deals, in an interview with finews.com.
