VZ Holding AG

VZ Group impresses with profit growth of 12.1 percent

VZ Holding AG / Key word(s): Half Year Results VZ Holding AG: VZ Group impresses with profit growth of 12.1 percent 16-Aug-2023 / 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 AG / SIX: VZN / ISIN: CH0528751586

VZ Group impresses with profit growth of 12.1 percent

Zug, 16 August 2023 – VZ Group’s revenues increased by 9.4 percent compared to the first half year of 2022. Profit rose by 12.1 percent to 86.3 million Swiss francs. From today’s perspective, CEO Giulio Vitarelli expects significantly stronger growth in revenues and profit in the second half of the year due to the dip in the previous year’s period and an above-average growth for the entire financial year 2023. 

Profit rises by 12.1 percent

VZ Group’s business continued to develop well in the past six months. As expected, growth was slightly weaker than in the first half of 2022 due to base effects: revenues rose from 205.1 to 224.3 million Swiss francs. This equals an increase of 9.4 percent, compared to 11.8 percent in the same period of the previous year. While management fees on assets under management grew only slightly, banking income developed positively, mainly thanks to higher interest rates. Overall, profit rose by 12.1 percent from 77 to 86.3 million francs.

Strong demand for financial consulting

The substantial increase in consulting fees reflects the fact that the demand for financial advice is growing and adds to the inflow of new clients. Despite strong market upheavals in the second half of 2022, a large number of clients again opted for one or more platform services, resulting in a net increase in the client base of around 4000. Net new money came in with 2.4 billion francs, a similar level as in the first half of the previous year.