VZ Holding AG / CH0528751586
16.08.2024 - 06:30:16VZ Holding AG: VZ Group’s results grew well in the first half of the year
| VZ Holding AG / Key word(s): Half Year Results 16-Aug-2024 / 06:30 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR Source: VZ Holding Ltd / SIX: VZN / ISIN: CH0528751586 VZ Group’s results grew well in the first half of the year Zug, 16 August 2024 – VZ Group increased its revenues in the first half of the year by 12.8 percent to 252.9 million Swiss francs. Net profit grew by 19.1 percent to 102.8 million francs. CEO Giulio Vitarelli expects growth over the entire 2024 financial year to be in line with the long-term average. Profit increases by 19.1 percent As expected, VZ Group’s business has continued to develop well in the past six months. Compared to the first semester of 2023, revenues grew by 12.8 percent from 224.3 to 252.9 million Swiss francs. The SNB’s policy rate cuts were reflected in net interest income, which increased by 19.3 percent compared to the first semester of 2023, but decreased by 4.4 percent compared to the second semester of 2023. With an increase of 19.1 percent, profit grew significantly from 86.3 to 102.8 million francs. Good advice remains in high demand The consulting fees rose less than in the same period of the previous year, bur demand for financial consulting remains high. Following a consulting project, around 4200 clients opted for one or more of our platform services. At 2.3 billion francs, net new money came in at around the same level as the previous year. While many clients were still reluctant to invest in the first quarter, the mood has gradually improved over the second quarter. Unchanged solid balance sheet Since 31 December 2023, total assets have grown from 6.5 to 7.0 billion francs. The 7.8 percent increase can be attributed primarily to the growing number of clients. There were no changes to the low-risk structure: The majority of assets are invested with the SNB, in prime residential mortgages and in highly liquid bonds. At 25.0 percent, the core capital ratio remains above the industry average. Outlook «The lower policy rates mean that our net interest income will decline in the second half of the year. This means that revenues and profit will grow at a slower rate in the second half of the year, as forecast,» says Giulio Vitarelli, Chairman of VZ Group’s Executive Board. «From today's perspective, growth over the entire 2024 financial year should be in line with the long-term average, provided the financial markets remain spared from crises. Thanks to the good business situation, our shareholders can expect a further increase in the dividend.» Half-year report The detailed half-year report as well as an investor presentation can be downloaded from the investor relations section on VZ Group’s website: vzch.com/investors Conference call Media representatives and analysts are invited to discuss VZ Group’s results in one of today’s teleconferences hosted by Giulio Vitarelli (Chairman of the Executive Board) and Rafael Pfaffen (Chief Financial Officer). For details, please get in touch with Carlo Portmann or Petra Märk: Contacts
VZ Group VZ is an independent Swiss financial service company, and VZ Holding Ltd’s shares are listed on the SIX Swiss Exchange. Asset management, pension and estate planning for individuals as well as insurance and pension fund management for companies are VZ Group’s core services. VZ Holding is headquartered in Zug, and VZ has 43 branch offices in Switzerland, Germany and England. Forward-looking statements This press release contains forward-looking statements that involve known and unknown risks, uncertainties or other factors that may cause the actual results to be materially different from any future results implied by such statements. Against the background of these uncertainties, readers should not rely on such forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments. Key figures
Additional features: File: Pressrelease_16082024 End of Inside Information |
| Language: | English |
| Company: | VZ Holding AG |
| Innere Güterstrasse 2 | |
| 6300 Zug | |
| Switzerland | |
| Phone: | +41 58 411 80 00 |
| Fax: | +41 58 411 80 81 |
| E-mail: | ir@vzch.com |
| Internet: | www.vzch.com |
| ISIN: | CH0528751586 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1969111 |
| End of Announcement | EQS News Service |
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