VP Bank registered positive inflows in the first half of 2022 with the Asian wealth business being one of the primary growth contributors.
VP Bank posted net new money inflows of 200 million Swiss francs ($210 million), according to a statement on its first-half results. The private client and intermediary business in Asia was cited as a primary contributor, alongside two fund management companies in Liechtenstein and Luxembourg.
According to the bank, strengthened management in Asia under a standardized leadership led to the «first significant results» with positive net new money.
Despite the positive inflows, assets under management globally fell 9 percent to 46.5 billion francs with 4.8 billion francs attributed to negative market performance.
Target Review
Overall, the bank recorded 21.3 million francs in profit for the first half, down 29 percent year-on-year. Operating income fell 3 percent to 161.5 million francs while operating expenses rose 5 percent, driven mainly by IT and the cost of processing and implementing sanctions for Russian clients.
While VP Bank will stay on course for its Strategy 2026, it is reviewing financial targets at the end of the cycle due to shifting market conditions.
«The current market environment continues to require great attention, but also holds opportunities. VP Bank has the expertise and the financial stability to seize them,» said the bank's chief executive Paul H. Arni.
