VP Bank: New Money Drives Profit
Liechtenstein’s VP Bank Group expects significantly higher consolidated net profit compared to the previous year.
The positive operating performance throughout the 2017 financial year led to a significantly higher net profit of about 66 million Swiss francs (previous year: 58 million francs), the Vaduz-based bank announced.
This figure includes a one-time provision of 10.9 million francs booked and communicated in the first half of 2017 as a result of an agreement with the authorities of North Rhine-Westphalia in connection with untaxed assets of German customers.
New Money Inflows
Overall, consolidated net income in 2017 increased by about 13 percent compared to the previous year. The positive development of net new money in the first half of 2017 continued in the second half of the year, the bank said.
VP Bank turned its attention back to Asia recently adding to its headcount in the region. Last year the bank hired Christian Christow, the former head of intermediaries business at Deutsche Bank in Singapore, as head of business development and also recruited Claude Chevroulet, as chief operating officer in April 2017.
