Liechtenstein-based private bank VP Bank Group has posted a net income of CHF64m for the 2015 financial year, compared to a net income of CHF20m in 2014.
The bank’s annual gross income stood at CHF307m, while its operating expenses were CHF182m.
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Client assets under management as at the end of 2015 reached CHF34.8bn, up about 12% compared to CHF30.9bn in the prior year.
The bank said in a statement that the 2015 annual results have been influenced by the merger between VP Bank and Centrum Bank, as well as related additional revenue and expenditure.
The bank added that it is anticipating a higher group net income in FY2015 compared to the previous year income.
VP Bank Group specialises in asset management services for private individuals and intermediaries.In addition to its main offices in Liechtenstein, the banking group operates in six other locations worldwide including Switzerland, Luxembourg, British Virgin Islands, Singapore, Hong Kong and Russia.
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