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VP Bank (VPBN) investor relations material

VP Bank H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary26 Aug, 2025

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.

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Frequently asked questions

VP Bank AG, established in 1956, is a Liechtenstein-based banking institution that has grown into a prominent financial services provider. Specializing in asset management and investment consulting, VP Bank AG offers a range of services tailored to both private and institutional investors. These services include wealth planning, independent investment consulting, and a wide selection of investment products through an open architecture platform. The company is headquartered in Vaduz, Liechtenstein, and its shares are listed on the SIX.

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