Bendura raises profit
The Bendura Bank improved its profit in 2018. The private bank from Bendern plans to build on its presence in Asia, though it will also be investing in Liechtenstein.
In 2018, the Bendura Bank raised its profit by 35 percent to 23 million Swiss francs. Total operating income was up 27 percent to 57.8 million francs. Net interest income amounted to 22.6 million francs and is therefore well above the previous year’s result of 12.0 million francs. Net commission and fee income stood at 26.3 million francs, an increase of 11 percent year on year. Income from financial transactions remained stable, at some 8.1 million francs.
However, the Bank saw client assets under management dip slightly by 77.4 million francs on the previous year. As at the end of the year, client assets totaled around 3.5 billion francs. Business expenses were up significantly from 24.8 million francs in 2017 to 28.0 million francs in the year under review, which the Bank reports was due to higher personnel costs resulting from an increased headcount.
The Bendura Bank is owned by the Citychamp Watch & Jewellery Group, listed on the Hong Kong stock exchange. The Bank recently opened a representative office in Hong Kong to further build on its market position in Asia. At the same time, it is also making investment in Liechtenstein. A building extension in Bendern will allow for the number of employees to be doubled from its current figure of 145. The aim is to move into the new premises in autumn 2020.