July 30, 2014 / 5:15 AM / in 3 years

Vontobel first-half net profit falls by less than expected

ZURICH, July 30 (Reuters) - Swiss bank Vontobel Holding said on Wednesday first half net profit fell 3 percent from a year earlier, slightly exceeding expectations.

Net profit at the bank for the first six months of the year was 73.5 million Swiss francs ($81.06 million). This topped expectations in an analyst poll conducted by Reuters, which averaged 70.8 million francs.

Net new money at the Zurich-based firm for the first half of the year was zero, as modest gains at its private bank were cancelled out by outflows at Vontobel’s asset management arm.

As part of its medium-term targets to 2017, the bank said it was targeting a payout ratio to shareholders of over 50 percent of profits if its business performs as planned. ($1 = 0.9067 Swiss Francs) (Reporting by Joshua Franklin)

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