Bendura Bank remains on growth path
Bendura Bank substantially increased its operating income over the course of the first half-year 2019. However, half-yearly profit was slightly down year on year. The background to this is an increase in expenses incurred due to a new representative office in Hong Kong.
The interim financial statements of Bendura Bank AG reveal that the Liechtenstein private bank generated gross income of 29.53 million Swiss francs in the first half of 2019. This represents a “pleasing” increase of 8 percent on a year on year basis, as outlined in the bank’s press release accompanying the publication of its half-year result.
Expenses that offset income reflect “organic business expansion”, rising by 22 percent year on year particularly on account of “the increase in personnel expenses and the recently opened representative office in Hong Kong”, Bendura Bank explains further in its press release. In specific terms, the bank’s expenses during the first half of the reporting year stood at 15.49 million francs overall. The branch office opened in the ICC Tower in Hong Kong just under a year ago should serve as a “gateway” to the region for Bendura Bank. In the medium term, the bank’s plans involve entering the Chinese mainland as well.
All in all, Bendura Bank posted a profit of 11.48 million francs for the first half-year 2019. In the same period of the previous year, this value stood at 11.85 million francs. For the current second half of the year, the bank expects “to achieve additional, profitable growth”, the press release explains.