Neue Bank AG increases gross profit
Neue Bank AG closed financial year 2018 by recording an increase in earnings and gross profit. It was only on account of an adjustment made to deferred items that profit for the year lagged behind the value recorded in the prior year.
According to a Neue Bank AG press release, the Vaduz-based private bank generated operating earnings totaling 28.6 million Swiss francs in financial year 2018. In comparison with the previous year, this represents growth of 2.7 percent. Increased interest and commission income were recorded in comparison with 2017, while the services segment also registered year-on-year growth. Earnings from financial operations were, however, down on the previous year.
Neue Bank AG’s expenses rose by 3.5 percent to 15.6 million Swiss francs year on year. The press release detailed how the cost-income ratio “of 54.6 percent was maintained at a low level”. Gross profit at Neue Bank AG rose in comparison with 2017 by 1.7 percent to 13.0 million francs. On account of an adjustment to the accounting method for deferred items, profit for the year was down by 1.9 percent year on year to 10.4 million francs. Neue Bank AG explained in its press release that without this adjustment, profit for the year would have been 2.6 percent up on the value for 2017. Karlheinz Ospelt, President of the Supervisory Board of Neue Bank AG, commented in the press release: “We can be pleased with this positive result in a challenging environment during financial year 2018”.
Neue Bank AG was also successful in acquiring net new money. In specific terms, inflows totaling 86.8 million francs were recorded here. Nevertheless, negative developments on the financial markets saw customer assets under management fall by 3.0 percent to 5.3 billion francs.