The VP Bank Group expects to record a stable financial result for financial year 2020, as the Vaduz-based private banking group writes in a press release outlining its preliminary result. The previous year was characterized by a series of challenges related to the coronavirus pandemic and the ongoing low interest rate environment, the press release states. According to information from the bank itself, however, VP Bank believes it is well placed to thrive again in the future owing to its very healthy equity basis and comfortable liquidity position.
In the prior financial year, the banking group was able to raise net new money in the amount of 1.4 billion Swiss francs. The press release covering VP Bank’s preliminary result goes on to describe this as “a reasonable level” for the difficult year of 2020. Back in 2019, the VP Bank Group registered net new money of 2.3 billion Swiss francs overall.
In terms of group net income, VP Bank was forced to contend with a decline of 73.5 million Swiss francs to 41.6 million Swiss francs. This development can primarily be attributed to a value adjustment on an individual position in the loan portfolio, which was originally communicated in the spring of 2020. According to information from the banking group, this measure was related to the coronavirus pandemic. VP Bank is scheduled to publish more detailed annual financial results as part of its annual report on March 9, 2021.