VP Bank Group has posted a group net income of CHF64.1m for the 2015 financial year, a surge of 220.5% compared to CHF20m in the prior year.
The bank’s net operating income stood at CHF306.6m, a jump of 37.7% compared to CHF222.7m a year ago. The rise was mainly driven by VP Bank’s merger with Centrum Bank.
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Operating expenses increased 10.2% year-on-year to CHF182.1m from CHF165.3m, reflecting the bank’s strategic orientation and the merger with Centrum Bank.
Cost/income ratio decreased to 59.4% from 74.2% a year earlier, the bank said in its earnings statement.
Client assets under management were CHF34.8bn as of 31 December 2015, a 12.4% increase from CHF30.9bn in the prior year. The bank also reported net new money inflow of CHF6bn in 2015.
VP Bank Group CEO Alfred Moeckli said: "Growth of course remains a key topic for VP Bank in 2016: it will come from the continuing effort to enhance the quality of our client service and the augmentation of highly experienced teams, especially in Asia. We will also take advantage of market opportunities as they open up in order to invest in growth through acquisition. In this regard, we will keep a watchful eye mainly on our target markets of Liechtenstein, Switzerland and Luxembourg."
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