VZ Holding, an independent Swiss financial service company, has announced a rise in its first-half profit, citing higher interest rates and increased fees as contributing factors.

Profit Growth

During the period, VZ Holding achieved a net profit of 86.3 million Swiss francs ($98.2 million), compared to CHF76.9 million in the previous year. This positive result was driven by a 9.4% increase in revenue, reaching CHF224.3 million.

Factors Behind the Growth

The company attributed the growth to higher interest rates, resulting in a boost in banking income. However, the increase in fees for managing assets was only marginal. Notably, VZ Holding also experienced a substantial surge in consulting fees due to the growing demand for financial advice.

Expanding Client Base

In addition to financial gains, VZ Holding expanded its clientele during the reporting period, attracting approximately 4,000 new clients and generating CHF2.4 billion in net new money.

Positive Outlook

Executive Board Chairman, Giulio Vitarelli, expressed optimism for the remainder of the year, anticipating even stronger revenue and profit growth in the second half. Furthermore, he stated that an above-average increase in profit for 2023 is attainable and expects a further increase in dividends.

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