Heavy Loss For Swiss Private Bank Reyl in 2024
Despite a slight increase in assets under management, Swiss-based private bank Reyl & Cie, which also maintains a presence in Singapore, posted a significant loss in 2024.
Assets under management rose by 1.9 percent to reach 14.7 billion francs, according to the bank's annual report published on Thursday. This positive development was driven mainly by market performance, as the bank recorded net outflows of 823 million francs.
Every line of operating income declined in 2024, especially net interest income (-7.9 million francs), trading (-6.3 million francs) and other ordinary income (-11.9 million francs). As a result, operating income fell 21 percent, amounting to 103.1 million francs in 2024 versus 130.4 million francs in 2023.
Reyl Group is majority-owned by the Italian banking giant Intesa Sanpaolo.
Net Loss
With operating expenses up 3.5 percent, the operating result shows a loss of 24.6 million francs in 2024, compared with a profit of 9.9 million francs in 2023. The cost-to-income ratio therefore rose to 112 percent from 85 percent in 2023.
This led to a consolidated net loss of 25.6 million francs, against a net profit of 8.5 million francs in 2023.
Sensitive Time
These weak results arrive at a particularly sensitive time: the bank is under FINMA investigation for multiple shortcomings in its anti-money-laundering controls and its oversight of high-risk clients.
