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Investing.com -- VZ Group on Friday said revenue growth for 2025 will fall below its long-term average as lower interest rates are expected to slow performance in the second half of the year, even as the Swiss financial services company reported higher earnings for the first half.
Revenue for the six months ended June 30 rose 9.9% to CHF 277.9 million from CHF 252.9 million a year earlier. Net profit increased 9% to CHF 112 million from CHF 102.8 million.
Operating profit reached CHF 129.98 million, compared with CHF 119.04 million in the first half of 2024.
Net interest income declined 28.8% to CHF 23.3 million, while consulting fees climbed 13.8% to CHF 21.2 million.
Net new money totaled CHF 3 billion, lifting assets under management 14.1% year-over-year to CHF 56.55 billion.
Total assets grew to CHF 8.05 billion from CHF 7.49 billion at the end of 2024, largely from additional client deposits.
The common equity capital ratio rose to 28.4% under Basel III Final rules, up from 25.4% at year-end. The equity ratio stood at 13.2%. Full-time equivalents increased to 1,621.9 from 1,451.3 a year earlier.
“We expect that demand for our services will continue to grow in line with the average of recent years. As a result of lower interest rates, we project a temporary decline in the revenue growth rate in the second half of the year compared with the first half,” said Giulio Vitarelli, chief executive at VZ Holding in a statement.