Despite falling interest rates, unfavourable currency effects and geopolitical uncertainties, VP Bank reported half-year profit of SFr28.8 million and net new money inflows with annualised growth of 8.3 per cent.

In a market environment characterised by falling interest rates, unfavourable currency effects and geopolitical uncertainties, Liechtenstein-headquartered VP Bank increased its half-year profit to SFr 28.8 million ($35.8 million). It also recorded broad-based net new money inflows of SFr 2.1 billion, corresponding to an annualised growth rate of 8.3 per cent. All regions contributed positively to this result.

Client assets under management rose by 2.2 per cent to SFr 51.9 billion.

The loan portfolio remained stable at SFr5.9 billion.

Operating income rose by 7.8 per cent to SFr175.4 million. This was mainly driven by income from trading activities, which rose by 29.5 per cent to SFr18.9 million compared with the previous year, and one-off income from insurance payments amounting to SFr4.6 million. Net income from commission business and services rose by 1.1 per cent to SFr69.0 million, while net interest income declined by 3.6 per cent to SFr73.2 million. Adjusted for one-off insurance payments, operating income grew by 5.0 per cent.

Operating expenses fell by 4.0 per cent to SFr142.8 million. While personnel expenses remained stable at SFr85.9 million, general and administrative expenses were reduced by 4.1 per cent to SFr41.9 million and depreciation and amortisation fell by 19.7 per cent to SFr15.0 million.

Half-year profit amounted to SFr28.8 million, representing an increase of 150.2 per cent compared with the previous year. Adjusted for one-off insurance payments, this corresponds to an increase of 115.1 per cent.

In April, this news service talked to VP Bank about its business of serving external asset managers in Singapore and the wider Asia region. In November 2024, the bank made a number of senior management changes. In August last year, VP Bank shut its Hong Kong office.