Bank Frick announced that it generated a profit of 2.7 million Swiss francs in the first half of 2017. Compared to the same period in the previous year, this represents an increase of 26.9 per cent. All strategic business areas contributed to the growth.
The family-run Liechtenstein bank succeeded in increasing its income in the challenging interest business by 17 per cent to 9 million francs. The “strategic expansion of the working capital financing business” contributed to this increase thanks to its higher margins than in mortgage lending.In the commission and service operations business, cost savings could compensate for a decline in earnings caused by Brexit. However, profit from financial operations fell by half compared to the same period last year.
“In summary, it can be said that the traditional business areas are tending to stagnate somewhat,” said Bank Frick CEO Edi Wögerer. “Our growth is being driven by e-business as well as our funds and issues business.” Bank Frick is working closely with fintech companies on digitalized business models. A 2016 partnership with Net1 UEPS Technologies has now led the provider of payment systems to acquire a stake in Bank Frick. The bank also launched its first cryptocurrency certificate at the end of June.