Vontobel falls on FY miss, as 'asset management continues to disappoint'

Vontobel Holding AG

08/02/2023 08:16

** Vontobel  VONN.S  shares take a -3.8% hit, as the Swiss
bank released its full year results, falling behind consensus
    ** The Zurich-based bank reported a 40% drop in yearly net
profit to 229.8 million Swiss francs ($249.40 million), 18%
below consensus according to Credit Suisse
    ** Credit Suisse flags lower revenues in Vontobel's Asset
Management and Digital Investing segments as the causes for the
lower net profit
    ** "Asset management continues to disappoint", CS adds
    ** Vontobel shares fall to the bottom of Switzerland's
midcaps index 
($1 = 0.9214 Swiss francs)
 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))