The VP Bank Group recorded a significant year-on-year rise in net profit for the first half of 2019. Assets under management also notably increased versus year-end 2018. In addition to net new money, an increase in the market value of assets under management also made a contribution to this result.

According to a press release issued by the VP Bank Group, the Vaduz-based banking group generated operating income of 162.7 million Swiss francs overall in the first half of 2019. In comparison with the same period in the prior year, this equates to growth of 10.1 percent. The successes enjoyed in commission and service business in addition to commercial transactions were responsible for this growth.

In the reporting period, this income was offset by expenses totaling 122.7 million francs – a year-on-year rise of 6.2 percent. As income therefore rose much more strongly than expenditure, the cost-income ratio improved from 70.3 percent to 68.6 percent. Net profit stood at 35.3 million francs, a rise of 20.5 percent versus H1 2018.

As at the reporting date of June 30, 2019, assets under management at the VP Bank Group had risen by 9.9 percent to 45.6 billion francs in comparison with December 31, 2018. The growth here comprised a net inflow of funds totaling 1.2 billion francs, an additional 1.0 billion francs from the takeover of private banking activities of Catella Bank and positive changes in the market valuation of customer assets to the tune of 1.9 billion francs.

Urs Monstein, acting CEO of the VP Bank Group, was quoted in the press release: “The half-year 2019 results confirm our long-term strategy of securing organic growth by way of investment in customer-servicing units. The result gives us confidence that we are well-placed to maintain our pace of growth even in the face of a potentially more challenging market environment”.

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