Vontobel Holding Ag · SIX:VONN
Vontobel — FY2024 Earnings Presentation
28 slides from Vontobel's earnings presentation, Feb 7, 2025
Slide 1: Full-year 2024 results
Christel Rendu de Lint Co-CEO Georg Schubiger Co-CEO Thomas Heinzl CFO Full-year 2024 results July 26, 7, February 2024 2025
Slide 2: Agenda
Agenda Highlights Financial Q&A and strategy performance Christel Rendu de Lint Thomas Heinzl Georg Schubiger CFO Co-CEOs February 7, 2025 2
Slide 3: Highlights and strategy
Highlights and strategy
Slide 4: 2024 Market backdrop – Continued strong equity markets and defining rate cuts
2024 Market backdrop – Continued strong equity markets and defining rate cuts Equity and bond markets Government bond yields FX rates MSCI ACWI, BBG Global Aggregate, Indexed 2Y and 10Y government bond yields, % Nominal broad effective FX rates, Indexed 160 6.0% 110 5.0% 140 105 4.0% 120 3.0% 100 2.
Slide 5: Full-year 2024 – Highlights
Full-year 2024 – Highlights Financial results Strategic progress Strong growth in profitability, Sharpened our organization and client coverage with PBT up 32% to CHF 354 M while taking decisive action to accelerate our growth Back to growth with positive group net new money Closed two acquisitions
Slide 6: Investments – Strong position in Fixed Income and an expanding offering
Investments – Strong position in Fixed Income and an expanding offering Highlights Active offering across all asset classes Investments: Investment performance % of assets in 1st and 2nd quartiles1,2 − Fixed income is back and Vontobel is amongst the best 93 92 93 players 88 76 72 − Private markets
Slide 7: Institutional Clients – Revenue growth and continued improved flow trends
Institutional Clients – Revenue growth and continued improved flow trends Highlights Operating income AuM and NNM development Institutional Clients, CHF M Institutional Clients, CHF B − Turn-around in revenues +7% 457 +4% − Stable margin at 37 bps 111 399 107 103 384 − Strong flows in Fixed Income 3
Slide 8: Private Clients – Strong financial performance
Private Clients – Strong financial performance Highlights Operating income AuM and NNM development Private Clients, CHF M Private Clients, CHF B − Strong growth in core markets +12% +13% − Continued ~80% of flows into 111 1,017 advisory or discretionary mandates 98 910 93 837 278 − Gaining market sh
Slide 9: Cost – Successfully executing the CHF 100 M efficiency program
Cost – Successfully executing the CHF 100 M efficiency program Achieved CHF ~45 M exit rate savings Cost/income trend improving CHF M % Estimated in-year -4.5 pp implementation ~30 ~15 costs 79.2% 78.4% ~100 74.7% ~80 < 72% target Gross savings exit rate ~45 ~40 2024 2025 2026 2022 2023 2024 Achieve
Slide 10: Targets – Substantial improvement across key metrics
Targets – Substantial improvement across key metrics 2023 2024 Target1 Growth Operating income growth 1.9% 8.6% 4% – 6% Net new money growth –1.7% 1.3% 4% – 6% Profitability Return on equity 10.5% 12.3% > 14% C/I ratio 79.2% 74.7% < 72% Capital & Payout CET1 ratio 18.7% 16.1% > 12% Total capital rat
Slide 11: Financial performance
Financial performance
Slide 12: Strong operating performance
Strong operating performance Highlights Profit before tax and net income development CHF M − Strong operating performance, +113 –19 –14 +6 profit before tax up by 32% 354 +32% 88 − FX impact negative CHF 14 M 268 versus 2023 Taxes1,2 53 − Efficiency program delivered against targets; benefits 266 +2
Slide 13: AuM and NNM trending positively
AuM and NNM trending positively Highlights Assets under management Net new money CHF B CHF B, annual growth rate − AuM up 11% on positive +11% Total −5.2 −3.5 2.6 flows, performance and FX 14.1 229.1 2.6 5.6 206.8 − NNM positive, supported by improving Institutional 110.8 PC 5.4 4.7% 103.3 4.6 Clien
Slide 14: Higher operating income with growth in both client segments
Higher operating income with growth in both client segments Highlights By Category By Segment CHF M CHF M − Operating income up 9% on +9% higher client activity and asset 1,423 1,423 levels Net 1,285 1,310 115 −36% 1,285 1,310 interest 101 180 399 +4% − Revenue growth in both client 384 segments IC
Slide 15: IC margin stable and PC margin slightly up
IC margin stable and PC margin slightly up Highlights Institutional Clients Private Clients bps bps +2 bps − IC margin stable 94 96 − PC margin slightly up on higher 37 37 Trading 91 Performance 36 (Structured transactional revenues and fees 21 26 Solutions) stable recurring fee margin 26 Interest 2
Slide 16: Cost/income trend improving
Cost/income trend improving Highlights Operating expenses Cost/income ratio CHF M % − Cost/income ratio significantly reduced by 4.5 pp +3% −4.5 pp 1,042 1,069 79.2% − Successful execution of the 1,018 78.4% efficiency program (exit rate cost 74.7% reduction of CHF 45 M), with P&L < 72% benefits inc
Slide 17: Strong capital and balance sheet position
Strong capital and balance sheet position Highlights Basel III capital ratios % of RWA − CET1 of 16.1% (15.4%) and total capital ratio of 20.9% (20.1%) 23.8% remained strong due to strict AT1 5.1% 20.9% capital management ~20.1% 4.8% − Basel III ratios strong with LCR CET1 18.7% ~4.7% at 167% and le
Slide 18: Strong capital and balance sheet position (details)
Strong capital and balance sheet position (details) Highlights Basel III CET1 capital ratio % of RWA, RWA, CET1 capital − CET1 of 16.1% (15.4%) and total capital ratio of 20.9% (20.1%) 2.2% 18.7% 2.8% remained strong due to strict 0.9% capital management 1.2% 16.1% 0.6% ~15.4% ~0.1% − Basel III rati
Slide 19: Continued track record of value and capital creation
Continued track record of value and capital creation Highlights Strong dividend track record 16.9% Return on tangible equity − Value creation positive since 2014, 12.3% Return on equity 9.3% Cost of equity2 and strong dividend track record 3.00 3.00 3.00 3.00 − ROE of 12.3% vs estimated cost of 2.00
Slide 20: Results summary
Results summary Highlights Key figures (CHF M) 2024 2023 ∆ (%) Assets under Management (B) 229 207 +11% Net New Money (B) 2.6 −3.51 − Very strong increase in profitability Operating income 1,423 1,310 +9% Profit before tax +32% Group net profit +24% Operating expense 1,069 1,042 +3% of which one-off
Slide 21: Key messages
Key messages
Slide 22: Full-year 2024 – Highlights
Full-year 2024 – Highlights Financial results Strategic progress Strong growth in profitability, Sharpened our organization and client coverage with PBT up 32% to CHF 354 M while taking decisive action to accelerate our growth Back to growth with positive group net new money Closed two acquisitions
Slide 23: Q&A
Q&A
Slide 24: Upcoming events
Upcoming events Annual General Meeting 2025 April 2, 2025 3M Trading Update 2025 April 24, 2025 Half-year results 2025 July 24, 2025 9M Trading Update 2025 October 30, 2025 Refer to the Vontobel Investor Relations website for details: www.vontobel.com/calendar February 7, 2025 24
Slide 25: Appendix
Appendix
Slide 26: Total liquid assets
Our strong and liquid balance sheet reflects our overall low risk profile Strong and liquid balance sheet Highlights – balance sheet CHF B, 20241 − Fully marked to market2 32.9 32.9 Due to − Highly liquid balance sheet (e.g., 199% LCR) and 1.9 Liquidity 3.3 banks capitalization (CET1 ratio 16.1%/15.
Slide 27: Shareholder structure
Shareholder structure Vontobel families hold more than 50% of the share capital and are strongly committed to Vontobel Advontes AG 10.6% Vontrust AG 14.3% Shares in the Free float1 pooling agreement 49.1% 50.9% Vontobel Foundation 14.9% Pellegrinus Holding AG 4.7% Further shares of a family member 6
Slide 28: Cautionary statement regarding forward-looking statements and disclaimer
Cautionary statement regarding forward-looking statements and disclaimer This document may contain projections or other forward-looking statements related to Vontobel that are subject to known and unknown risks, uncertainties, and other important factors. These projections and forward-looking statem