VP Bank (VPBN) investor relations material

Executive summary

• Net income rose 150.2% year-over-year to CHF 28.8 million, with adjusted growth of 115.1%, despite falling interest rates, adverse currency effects, and geopolitical uncertainties.

• Net new money inflow reached CHF 2.1 billion, annualized growth of 8.3%, with all regions contributing.

• Client assets under management increased 2.2% to CHF 51.9 billion, despite negative currency impacts.

• Operating income grew 7.8% to CHF 175.4 million, driven by strong trading and commission business.

• Cost discipline led to a 4% reduction in operating expenses and a cost/income ratio improvement to 81.5%.

Financial highlights

• Net interest income declined 3.6% year-over-year to CHF 73.2 million due to lower CHF and EUR rates.

• Commission and services income rose 1.1% to CHF 69.0 million, supported by new product mandates and asset growth.

• Trading income surged 29.5% to CHF 18.9 million on active FX business.

• Income from financial instruments increased 150% to CHF 8.8 million, mainly from dividends and revaluations.

• One-off insurance benefits of CHF 4.6 million recognized in other income.

Outlook and guidance

• Targets net new money growth above 4% per annum and revenue growth of 4–6% per annum.

• Aims to maintain Tier 1 ratio above 20% and keep cost/income ratio at a sustainably competitive level.

• Second half expected to be less strong due to seasonal and one-off effects fading, but still stronger than H2 2024.

• Ongoing geopolitical and currency risks anticipated; focus remains on disciplined execution and client orientation.

• Strategic focus on core strengths, market presence, and efficiency initiatives.