VP Bank's profit climbed sharply last year, which the Liechtenstein-based wealth manager said bears out its growth strategy.
Vaduz-based VP Bank expects a net profit of 74 million Swiss francs ($76.4 million) for 2019, based on initial calculations, it said in a statement on Friday. This represents a more than 35 percent jump on the year. The bank's full results are due March 10.
The wealth manager's revenue rose 13 percent to 328 million francs, while spending was held in check. Profits were buoyed by favorable market performance. The bank said assets surged 15 percent to 47.6 billion – partly due to growth, and party pitched in by bubbly markets.
