VP Bank (VPBN) investor relations material

Executive summary

• Net income for H1 2026 reached CHF 32.4 million, up 12.7% year-over-year, driven by higher commission income and disciplined cost management, offsetting lower net interest income.

• Assets under management increased 6.4% to CHF 57.1 billion, supported by CHF 1.4 billion net new money and positive market performance.

• Strong capitalisation and liquidity maintained, with a Tier 1 ratio of 26.0% and LCR at 157.6%.

Financial highlights

• Operating income was CHF 171.6 million, down 2.2% year-over-year, as higher commission income offset lower net interest income.

• Operating expenses decreased by 5.3% to CHF 135.2 million, reflecting disciplined cost management and reductions in personnel, administrative, and depreciation costs.

• Cost/income ratio improved by 2.7 percentage points to 78.8%.

• Commission and service income increased 7.8% to CHF 74.4 million, while trading income fell 13.9% to CHF 16.3 million.

• Total assets increased 7.3% to CHF 11.5 billion; client deposits rose 9.2% to CHF 9.4 billion.

Outlook and guidance

• Focus remains on profitable growth, with targets for net new money growth above 4% per annum and revenue growth of 4–6% per annum.

• Cost/income ratio is targeted to remain at a sustainably competitive level, and Tier 1 ratio above 20%.

• Net inflows of new funds expected to normalise in H2 2026, with typically weaker business performance in the second half.

• Strong capital and liquidity positions support resilience, regulatory compliance, and stable long-term earnings.

• Strategy includes targeted market development, structured client book planning, and further sales organisation development.