Bank Frick increased its profits from CHF 1.8 million in 2015 to CHF 3.2 million in 2016. It also increased its capital base by 9 per cent to CHF 85 million. Earnings from the credit business rose from 0.4 million to reach CHF 1.1 million, while earnings from securities and investment business rose from 7.2 million to CHF 8.1 million. Profit from trading transactions also increased from 2.4 million in 2015 to CHF 3 million last year. In contrast, earnings from commission and services operations dropped from CHF 13.4 million to CHF 7.2 million in 2016.
Bank Frick also announced that it strengthened its digital and payment strategy in the past financial year by developing “comprehensive fintech know-how” on cryptocurrencies. “This know-how will flow into new digital products from Bank Frick,” CEO Edi Wögerer said in a statement announcing the 2016 results.
2016 was also strongly influenced by Bank Frick’s partnership with the international provider of alternative payment systems Net1, with whom Bank Frick is a strategic bank partner and payment processor. In the first half of 2016, Bank Frick sold its subsidiary Masterpayment AG to Net1, and the sale of Masterpayment AG and of Bank Frick’s own shares in Visa Europe led to one-off income in the amount of CHF 8.0 million.
In January 2017 Net1 announced that it would acquire 30 per cent of the shares in Bank Frick.