VP Bank (VPBN) investor relations material

Executive summary

• Annual profit rose 154.6% to CHF 47.0 million, driven by improved efficiency and higher operating income.

• Operating income increased 2.1% to CHF 337.3 million, supported by higher commission, service fee, and trading income.

• Efficiency measures led to an 8.9% reduction in operating expenses, with personnel and administrative costs both declining.

• Strategic initiatives focused on sustainable growth, market and segment strategy, organisational stability, and management strengthening.

• Cost/income ratio improved by 10.1 percentage points to 83.2%, reflecting successful cost discipline.

Financial highlights

• Client assets under management grew 5.8% to CHF 53.7 billion, supported by CHF 1.2 billion net new money inflow.

• Commission and service fee income increased 3.3% to CHF 141.6 million; trading income rose 13.2% to CHF 34.9 million.

• Interest income declined by 5.4% to CHF 144.5 million due to lower rates and currency effects, but loan portfolio profitability improved.

• Operating expenses fell 8.9% to CHF 280.8 million, driven by lower personnel and administrative costs and completed amortisation.

• Credit volume remained stable at CHF 5.9 billion, with a shift toward more profitable credit relationships.

Outlook and guidance

• Expects a challenging 2026 with geopolitical uncertainties, complex monetary policy, and declining interest income.

• Strategic focus on sustainable growth, cost discipline, risk management, and operational efficiency continues.

• Financial targets include net new money growth over 4% p.a., revenue growth of 4–6% p.a., cost/income ratio at a competitive level, and Tier 1 ratio above 20%.

• Ongoing development of client-focused management, sales organisation, and digital capabilities.

• Strong capitalisation and liquidity position the group for stable earnings and long-term value creation.