Bank Frick generated a net profit of 1.8 million Swiss francs in the first half of 2020, an increase of nearly 300,000 francs over the same period last year. Lower interest income was offset by higher earnings in commission and service transactions.

According to Bank Frick’s half-year report, the private bank from Balzers earned 2.14 million Swiss francs in income from normal business activities in the first half of 2020. This is an increase from the 1.8 million francs it earned in the same period in 2019. Net profit also increased, rising from 1.54 million francs to 1.82 million francs.
While interest income fell from 0.52 million francs to nearly 0.4 million francs, earnings in the area of commission and service transactions rose from 9.43 million francs to nearly 10.65 million francs. Profit on financial operations also increased, rising from 1.35 million francs in the first half of 2019 to 2.95 million francs in the first half of 2020.
According to a press release announcing the semi-annual results, the “first half of 2020 at Bank Frick was dominated by the global coronavirus pandemic”. As a result, the bank cannot rule out the possibility of credit defaults and will create suitable provisions. “As such, Bank Frick anticipates a net income in the range of 1.0 million francs to 2.0 million francs.”
Bank Frick intends to focus on its sales structure in the second half of 2020. “In recent years, we have made significant investments in technology, regulatory issues, compliance and the establishment of new business models,” said CEO Edi Wögerer. “Now we intend to bring these assets to clients even more efficiently.”
Wögerer also announced that the bank intends to expand its “pioneering role” in blockchain banking.

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