Sarasin profits 1H09 down 28% but up on 2H08 - Spear's Magazine

Sarasin profits 1H09 down 28% but up on 2H08

First half profits at Swiss bank Sarasin fell 28 percent on the previous year to reach SwFr 53.9 million, but the bank says the figure is on-target with expectations, and heading in the right direction – representing a 38 percent increase on the previous six-month period.

First half profits at Swiss bank Sarasin fell 28 percent on the previous year to reach SwFr 53.9 million, but the bank says the figure is on-target with expectations, and heading in the right direction – representing a 38 percent increase on the previous six-month period.

The bank saw assets under management rise 15 percent in the first half, as net inflows hit nearly SwFr 5 billion, and SwFr 604 million flowed into its investment funds.

Assets under management at a group level now stand at SwFr 79.9 billion.For 2009 as a whole the bank is targeting net new assets of SWFr 7 billion, and full year-profit in line with that of 2008.

“After very challenging conditions during the first three months of 2009, we are particularly pleased with the strong result achieved in the first half of 2009,” said chief executive Joachim Straehle.

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