VIEL & Cie

First-half 2015 Results Operating profit up 57% to €36.1m Net profit - Group share up 32% to €16.8m - Seite 2

Reported operating profit increased by 35.6% in constant currencies to CHF 35.9m for a margin of 8.4% compared with CHF 26.8m and a margin of 6.3% respectively in the first half of 2014.

The group is active in all the major financial markets and operates in a number of currencies. Its results are therefore affected by movements in the exchange rates used to translate into the consolidation currency.

 

Online trading

Bourse Direct achieved strong business growth in number of trades executed and new customer acquisition in the first half of 2015, and this trend was particularly marked in the second quarter. Order execution reached close to 2,485.000 in the first six months, up 14.1% on the equivalent period in 2014. In the second quarter, trading volumes grew by 24.5% compared with the second quarter of 2014.  These figures confirm Bourse Direct's leadership position in the French online trading sector in terms of the number of trades executed, with customers averaging 4.2 trades per account per month during the reporting period.

 

The Company continued to grow its customer base, with the number of accounts exceeding the 100,000 mark in June 2015. The number of new customers increased 16.3% in the first half compared with a year ago, while new customer acquisition in the second quarter was 28% ahead of the same period in 2014.

 

In 2015, Bourse Direct has focused primarily on accelerating growth, particularly in terms of expanding its customer base, rather than on increasing profit.

The Company's revenue declined 2.5% in the first half to €19.5m, compared with €20.0m in the equivalent period in 2014.

 

Private banking and asset management

SwissLife Banque Privée, in which Viel & Cie holds a 40% interest, posted strong growth in net banking income to €26.3m in the first half of 2015. This increase of 18,8% was mainly due to sustained inflows into customised structured products offered by the Bank. Operating results showed a profit for the period.

 

Consolidated results

First-half consolidated revenue from operating subsidiaries was €423.2m compared with €368.3m in the equivalent period in 2014, a rise of 14.9% at current exchange rates, or 0.9% in constant currencies.

Quarterly consolidated revenue by business segment at current exchange rates was as follows:

 

€m	2015			2014
	Q1	Q2	Total	Q1	Q2	Total
IDBIDB business	211.9	191.8	403.7	181.2	167.1	348.3
Online trading	10.1	9.4	19.5	10.5	9.5	20.0
Consolidated revenue	222.0	201.2	423.2	191.7	176.6	368.3