In a rather disturbing economic and geopolitical environment, the first half-year was singularly unfavorable for the Company’s own positions, with a significant decline in net income. Currency effects were negative in line with the strengthening of the Swiss franc, while trading operations backed up slightly, although margins improved somewhat. The provisions set aside to cover this type of market risks, were therefore put in use. However, shareholders’ equity still accounted for more than half of the total balance-sheet. For its part, the solvency ratio broadly and consistently exceeded the regulatory requirements.

Resiliency despite the pandemic and economic crisis. As for 2020, Bondpartners’ preliminary and unaudited net profit is almost half of that posted the previous year, the pandemic and economic crisis having affected somewhat the results of security positions and those of currency exchange, when on the contrary securities trading strengthened and achieved higher profits, along with larger volumes.

The first half-year under review was ineluctably dragged down by the Covid-19 pandemic. The valuation of securities held in proprietary positions and the reinforcement of the Swiss franc weighted on the global result of dealing activities and investments, while trading operations generated an income and revenue rose strongly.

Half-year operating profit rose and trading proceeds increased compared to previous accounting period, despite negative impact of currency fluctuations and moody performances of stock exchanges.