VP Bank Group, a Liechtenstein-based private bank, has reported net income of CHF29.3m for the first half of 2018, a fall of 7% compared to CHF31.5m a year ago.
The private bank’s total operating income for the half year ended 30 June 2018 was CHF147.9m, down 2% from CHF151.1m last year.
Net interest income increased 7% to CHF55m from CHF51.4m last year. Operating expenses dipped 1% year-on-year to CHF115.5m.
What do the rest VP Bank H1 results show?
The bank’s cost/income ratio in the first half of 2018 stood at 70.3%, versus 64.6% last year.
The first half tier-1 ratio was 22.6%, compared to 25.9% a year ago.
The bank’s assets under management totalled CHF40.9bn at the end of June 2018. The figure represented a 1% rise from CHF40.4bn at the end of December 2017. Net inflow of new money was CHF603.1m in the first half.
“The increase resulted from the combined effects of CHF 0.6 billion in net new money and a CHF 0.1 billion drop in the market valuation (performance) of client assets,” the bank said in its earnings statement.
VP Bank Group CEO Alfred Moeckli said: “With CHF 603 million in net new money during a turbulent first half, we maintained the positive inflows trend of 2017. This increase improves our earnings situation in a sustainable manner and demonstrates that we have taken the necessary steps to drive our growth forward as planned and continue to invest in the operating business.”