VP Bank Reports Record Net New Money Inflow
Liechtenstein-based VP Bank generated its highest organic net new money inflow in more than ten years. But the low interest rates and equity markets’ development had a negative impact.
VP Bank recorded a net new money inflow of 3.2 billion Swiss francs in the past financial year, the Liechtenstein-based firm announced on Wednesday. VP Bank has its Asian market hub in Singapore and is also present in Hong Kong.
The increase is attributable to the bank's long-term growth strategy, which is based in particular on the expansion of its client service units. During the same period, consolidated net income fell by 17 percent to approximately 55 million Swiss francs.
Low Interest Rate Environment
The persistently low interest rate environment and the interest rates and equity markets’ development had a negative impact on the operating income of around 291 million Swiss francs (2017: 300.1 million). Operating expenses amounted to approximately 232 million Swiss francs (2017: 229.8 million). This led to a 17 percent lower group net income of around 55 million Swiss francs (2017: 65.8 million).
These are unaudited figures based on provisional calculations. The annual results for 2018 and the annual report with the final figures will be published as announced on 5 March 2019. No further information on the course of business will be provided until then.
