Taking into account challenging market conditions surrounding the Corona pandemic, a persistently low interest rate environment and currency shifts, VP Bank Group recorded a stable result for the 2020 financial year. Growth in new money was also positive in the second half of the year and reached a reasonable level of about CHF 1.4 billion for the year as a whole.
The reduction in the consolidated group net income is mainly due to the value adjustment on an individual position in the loan portfolio, which was communicated in spring 2020.
Against this backdrop, VP Bank Group is expecting group net income for the 2020 financial year to be lower than in the previous year at around CHF 41.6 million. The tax reassessments of simplifications of the Group structure carried out in the past led to tax expenses in the amount of approximately CHF 5.8 million, which are charged to equity on an accrual basis.
VP Bank Group has a very healthy equity base and a comfortable liquidity situation. This means VP Bank is well-prepared as it enters the new strategy cycle.
These are unaudited figures based on provisional calculations. As previously announced, the annual results and the annual report will be published with final figures on 9 March 2021. Until then, no further information on the course of business will be released.