Notes to the consolidated income statement and consolidated balance sheet
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Discount income | 3,858 | 3,577 | 281 | 7.9 |
Loan commissions with the character of interest | 436 | 183 | 253 | 138.3 |
Interest income from banks | 29,990 | 29,871 | 119 | 0.4 |
Interest income from customers | 83,741 | 73,672 | 10,069 | 13.7 |
Interest income from financial instruments measured at amortised cost | 22,145 | 17,598 | 4,547 | 25.8 |
Interest income from financial liabilities | 8 | 0 | 8 | n.a. |
Total interest income from financial instruments at amortised cost | 140,178 | 124,901 | 15,277 | 12.2 |
Interest-rate instruments | 170 | 78 | 92 | 117.9 |
Trading derivatives (forward points) | 22,438 | 25,214 | –2,776 | –11.0 |
Hedge accounting | –6 | 38 | –44 | –115.8 |
Total other interest income | 22,602 | 25,330 | –2,728 | –10.8 |
Total interest income | 162,780 | 150,231 | 12,549 | 8.4 |
Interest expenses on amounts due to banks | 571 | 140 | 431 | 307.9 |
Interest expenses on amounts due to customers | 108,392 | 76,776 | 31,616 | 41.2 |
Interest expenses on medium-term notes | 240 | 193 | 47 | 24.4 |
Interest expenses on debentures issued | 876 | 876 | 0 | 0.0 |
Interest expenses from financial assets | 7 | 57 | –50 | –87.7 |
Interest expenses on right-of-use assets | 145 | 100 | 45 | 45.0 |
Total interest expenses using the effective interest method | 110,231 | 78,142 | 32,089 | 41.1 |
Total net interest income | 52,549 | 72,089 | –19,540 | –27.1 |
Fair-value hedges | ||||
Movements arising from hedges | –216 | 1 | –217 | n.a. |
Micro fair-value hedges | –216 | 1 | –217 | n.a. |
Movements in underlying transactions | 210 | 37 | 173 | 467.6 |
Micro fair-value hedges | 210 | 37 | 173 | 467.6 |
Total hedge accounting | –6 | 38 | –44 | –115.8 |
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Commission income from credit business | 524 | 396 | 128 | 32.3 |
Asset management and investment business | 30,165 | 31,090 | –925 | –3.0 |
Brokerage fees | 14,561 | 12,553 | 2,008 | 16.0 |
Securities account fees | 8,913 | 9,073 | –160 | –1.8 |
Fund management fees1 | 16,020 | 28,321 | –12,301 | –43.4 |
Fiduciary commissions | 1,431 | 1,075 | 356 | 33.1 |
Other commission and service income | 8,056 | 9,046 | –990 | –10.9 |
Total income from commission business and services | 79,670 | 91,554 | –11,884 | –13.0 |
Brokerage expenses | 650 | 650 | 0 | 0.0 |
Other commission and services-related expenses1 | 10,764 | 21,136 | –10,372 | –49.1 |
Total expenses from commission business and services | 11,414 | 21,786 | –10,372 | –47.6 |
Total net income from commission business and services | 68,256 | 69,768 | –1,512 | –2.2 |
The following table shows which components are included within the earnings position “asset management and investment business“. | ||||
Fees for securities settlement | 4,776 | 4,471 | 305 | 6.8 |
Administration commissions | 16,041 | 16,931 | –890 | –5.3 |
Management fees | 4,089 | 4,475 | –386 | –8.6 |
Brokerage fees | 8,701 | 8,961 | –260 | –2.9 |
Securities account fees | 1,663 | 1,783 | –120 | –6.7 |
Administration fees | 1,588 | 1,712 | –124 | –7.2 |
All-in fees | 8,275 | 8,029 | 246 | 3.1 |
Miscellaneous fees | 1,073 | 1,659 | –586 | –35.3 |
Asset management and investment business | 30,165 | 31,090 | –925 | –3.0 |
1As of 1 January 2024, fees are paid directly to the beneficiaries and are no longer processed via the accounts with the fund companies. In comparison to previous years, this leads to a reduction in both the income and the corresponding expenses.
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Securities trading1 | –183 | –1,026 | 843 | 82.2 |
Interest income from trading portfolios | 0 | 0 | 0 | n.a. |
Foreign currency | 37,407 | 39,354 | –1,947 | –4.9 |
Banknotes, precious metals and other | 791 | 337 | 454 | 134.7 |
Total income from trading activities | 38,015 | 38,665 | –650 | –1.7 |
1The results from derivatives for the purposes of risk minimisation (other than interest-rate derivatives) are included in this item.
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Income from financial instruments at fair value | 3,327 | 5,310 | –1,983 | –37.3 |
Income from financial instruments at amortised cost | 195 | 0 | 195 | n.a. |
Total income from financial instruments | 3,522 | 5,310 | –1,788 | –33.7 |
Income from financial instruments at fair value | ||||
Income from FVTPL assets | –3,473 | –584 | –2,889 | –494.7 |
Interest income from FVTPL financial instruments | –39 | 176 | –215 | –122.2 |
Dividend income from FVTPL financial instruments | 1,272 | 456 | 816 | 178.9 |
Dividend income from FVTOCI financial instruments | 5,567 | 5,262 | 305 | 5.8 |
thereof from FVTOCI financial instruments sold | 19 | 0 | 19 | n.a. |
Income from FVTPL liabilities | 0 | 0 | 0 | n.a. |
Total | 3,327 | 5,310 | –1,983 | –37.3 |
Income from financial instruments at amortised cost | ||||
Realised gains/losses on financial instruments at amortised cost | 195 | 0 | 195 | n.a. |
Total | 195 | 0 | 195 | n.a. |
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % | |
Income from real estate | 14 | 99 | –85 | –85.9 | |
Income from joint venture companies | 0 | 0 | 0 | n.a. | |
Miscellaneous other income1 | 291 | 2,354 | –2,063 | –87.6 | |
Total other income | 305 | 2,453 | –2,148 | –87.6 |
1Includes in 2023 CHF 2.4 million from early termination of a lease liability.
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Salaries and wages | 73,038 | 76,571 | –3,533 | –4.6 |
Social contributions required by law | 6,049 | 6,371 | –322 | –5.1 |
Contributions to pension plans / defined-benefit plans | 4,924 | 4,486 | 438 | 9.8 |
Contributions to pension plans / defined-contribution plans | 1,374 | 1,531 | –157 | –10.3 |
Other personnel expenses | 1,746 | 2,732 | –986 | –36.1 |
Capitalised personnel expenses1 | –1,424 | –1,843 | 419 | 22.7 |
Total personnel expenses | 85,707 | 89,848 | –4,141 | –4.6 |
1In accordance with IAS 38, a portion of internally generated intangible assets such as software is capitalised. The amount that can be capitalised is reduced accordingly in personnel expenses.
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Occupancy expenses | 1,806 | 2,116 | –310 | –14.7 |
Insurance | 550 | 631 | –81 | –12.8 |
Professional fees | 8,625 | 8,487 | 138 | 1.6 |
Financial information procurement | 4,546 | 4,604 | –58 | –1.3 |
Telecommunication and postage | 758 | 725 | 33 | 4.6 |
IT systems | 16,561 | 16,693 | –132 | –0.8 |
Marketing and public relations | 2,291 | 2,258 | 33 | 1.5 |
Capital taxes | 441 | 414 | 27 | 6.5 |
Other general and administrative expenses | 8,134 | 4,985 | 3,149 | 63.2 |
Total general and administrative expenses | 43,712 | 40,913 | 2,799 | 6.8 |
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Depreciation and amortisation of property and equipment | 6,873 | 7,219 | –346 | –4.8 |
Depreciation and amortisation of intangible assets1 | 11,812 | 15,034 | –3,222 | –21.4 |
Total depreciation and amortisation | 18,685 | 22,253 | –3,568 | –16.0 |
1In the first half of 2024 CHF 4.1 million less depreciation due to adjusted estimated useful life (see accounting policies and notes).
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Decrease/increase credit allowances1 | 89 | 4,540 | –4,451 | –98.0 |
Legal and litigation risks | 400 | 100 | 300 | 300.0 |
Other provisions and losses1 | 229 | 594 | –365 | –61.4 |
Total valuation allowances, provisions and losses | 718 | 5,234 | –4,516 | –86.3 |
1Including currency effects.
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Current taxes | 4,639 | 4,958 | –319 | –6.4 |
Deferred taxes | –2,320 | –387 | –1,933 | –499.5 |
Total taxes on income | 2,319 | 4,571 | –2,252 | –49.3 |
30.06.2024 | 30.06.2023 | |
Consolidated earnings per share of VP Bank Ltd, Vaduz | ||
Group net income (in CHF 1,000)1 | 11,506 | 25,466 |
Weighted average of registered shares A issued | 6,015,000 | 6,015,000 |
Weighted average of registered shares B issued | 6,004,167 | 6,004,167 |
Less weighted average number of treasury shares A | 402,068 | 442,633 |
Less weighted average number of treasury shares B | 352,455 | 350,726 |
Weighted average number of registered shares A (undiluted) | 5,612,932 | 5,572,367 |
Weighted average number of registered shares B (undiluted) | 5,651,712 | 5,653,441 |
Total weighted average number of shares (registered shares A) | 6,178,103 | 6,137,711 |
Undiluted consolidated earnings per registered share A (in CHF) | 1.86 | 4.15 |
Undiluted consolidated earnings per registered share B (in CHF) | 0.19 | 0.41 |
Diluted consolidated earnings per share of VP Bank Ltd, Vaduz | ||
Group net income (in CHF 1,000)1 | 11,506 | 25,466 |
Dilution effect number of registered shares A2 | 25,484 | 36,336 |
Number of shares used to compute the fully diluted consolidated net income | 6,203,587 | 6,174,047 |
Diluted consolidated earnings per registered share A (in CHF) | 1.85 | 4.12 |
Diluted consolidated earnings per registered share B (in CHF) | 0.19 | 0.41 |
1On the basis of Group profits attributable to the shareholders of VP Bank Ltd, Vaduz.
2The dilutive effect results from outstanding management participation plans.
in CHF 1,000 | |||||||
Year of issue | ISIN | Interest rate in % | Currency | Maturity | Nominal amount | Total 30.06.2024 | Total 31.12.2023 |
2015 | CH0262888941 | 0.875 | CHF | 07.10.2024 | 100,000 | 100,015 | 100,043 |
2019 | CH0461238880 | 0.6 | CHF | 29.11.2029 | 155,000 | 154,986 | 154,985 |
Total | 255,000 | 255,001 | 255,028 | ||||
Debt securities issued are recorded at fair value plus transaction costs upon initial recognition. Fair value corresponds to the consideration received. Subsequently, they are remeasured at amortised cost. In this process, the effective interest method (0.82 per cent debenture 2024; 0.60 per cent debenture 2029) is applied in order to amortise the difference between the issuance price and redemption value over the duration of the debentures.
30.06.2024 | 31.12.2023 | |||
No. of shares | Nominal CHF | No. of shares | Nominal CHF | |
Registered shares A of CHF 10.00 nominal value | 6,015,000 | 60,150,000 | 6,015,000 | 60,150,000 |
Registered shares B of CHF 1.00 nominal value | 6,004,167 | 6,004,167 | 6,004,167 | 6,004,167 |
Total share capital | 66,154,167 | 66,154,167 | ||
All shares are fully paid up.
30.06.2024 | 31.12.2023 | |||
No. of shares | in CHF 1,000 | No. of shares | in CHF 1,000 | |
Registered shares A at the beginning of the financial year | 416,615 | 43,755 | 454,784 | 47,763 |
Purchases | 0 | 0 | 2 | 0 |
Sales | –36,651 | –3,850 | –38,171 | –4,008 |
Balance of registered shares A as of balance sheet date | 379,964 | 39,905 | 416,615 | 43,755 |
Registered shares B at the beginning of the financial year | 352,169 | 5,469 | 350,769 | 5,457 |
Purchases | 1,000 | 8 | 1,500 | 13 |
Sales | 0 | 0 | –100 | –1 |
Balance of registered shares B as of balance sheet date | 353,169 | 5,477 | 352,169 | 5,469 |
30.06.2024 | 31.12.2023 | |
Approved and paid dividend of VP Bank Ltd, Vaduz | ||
Dividend (in CHF 1,000) for the financial year 2023 (2022) | 33,077 | 33,077 |
Dividend per registered share A | 5.00 | 5.00 |
Dividend per registered share B | 0.50 | 0.50 |
Payout ratio (in %)1 | 69.5 | 76.1 |
1Dividend per registered share A / Group net income per registered share A.
Fair value of financial instruments
The following table shows the fair values of financial instruments based on the valuation methods and assumptions set out below. This table is presented because not all financial instruments are disclosed at their fair values in the consolidated financial statements. The fair value equates to the price at the date of measurement which could be realised from the sale of the asset, or which must be settled for the transfer of the liability, in an orderly transaction between market participants.
in CHF million | Carrying value 30.06.2024 | Fair value 30.06.2024 | Variance | Carrying value 31.12.2023 | Fair value 31.12.2023 | Variance |
Assets | ||||||
Cash and cash equivalents | 1,770 | 1,770 | 0 | 1,611 | 1,611 | 0 |
Receivables arising from money market papers | 167 | 167 | 0 | 171 | 171 | 0 |
Due from banks | 1,107 | 1,108 | 1 | 1,354 | 1,354 | 0 |
Due from customers | 5,752 | 5,796 | 44 | 5,468 | 5,499 | 31 |
Trading portfolios | 0 | 0 | 0 | 0 | 0 | 0 |
Derivative financial instruments | 29 | 29 | 0 | 42 | 42 | 0 |
Financial instruments at fair value | 190 | 190 | 0 | 183 | 183 | 0 |
of which designated on initial recognition | 0 | 0 | 0 | 0 | 0 | 0 |
of which mandatory under IFRS 9 | 53 | 53 | 0 | 53 | 53 | 0 |
of which recognised in other comprehensive income with no effect on net income | 137 | 137 | 0 | 129 | 129 | 0 |
Financial instruments at amortised cost | 2,382 | 2,294 | –88 | 2,372 | 2,290 | –82 |
Subtotal | –43 | –51 | ||||
Liabilities | ||||||
Due to banks | 381 | 381 | 0 | 293 | 293 | 0 |
Due to customers | 9,706 | 9,635 | 71 | 9,505 | 9,442 | 63 |
Derivative financial instruments | 22 | 22 | 0 | 104 | 104 | 0 |
Medium-term notes | 52 | 52 | 0 | 53 | 53 | 0 |
Debentures issued | 255 | 244 | 11 | 255 | 243 | 12 |
Subtotal | 82 | 75 | ||||
Total variance | 39 | 24 |
The following valuation methods are used to determine the fair value of on-balance-sheet financial instruments:
Cash and cash equivalents, money market papers
For the balance sheet items “Cash and cash equivalents” and “Receivables arising from money market papers”, which do not have a published market value on a recognised stock exchange or on a representative market, the fair value corresponds to the amount payable at the balance sheet date.
Due from/to banks and customers, medium-term notes, bonds
In determining the fair value of amounts due from/to banks, due from/to customers (including mortgage receivables and due to customers in the form of savings and deposits), as well as of medium-term notes and bonds with a fixed maturity or a refinancing profile, the net present value method is applied (discounting of cash flows with swap rates corresponding to the respective term). For products whose interest or payment flows cannot be determined in advance, replicating portfolios are used.
Trading portfolios, trading portfolios pledged as security, financial instruments at fair value
Fair value corresponds to market value for the majority of these financial instruments. The fair value of non-exchange-listed financial instruments (in particular for structured credit notes) is determined only on the basis of external traders’ quotes or pricing models which are based on prices and interest rates in an observable, active and liquid market.
Derivative financial instruments
For the majority of the positive and negative replacement values, the fair value equates to the market value. The fair value for derivative instruments without market value is determined using uniform models. These valuation models take account of the relevant parameters such as contract specifications, the market price of the underlying security, the yield curve and volatility.
Valuation methods for financial instruments
The fair value of listed securities held in trading portfolios or as financial instruments, as well as that of listed derivatives and other financial instruments with quotes established in an active market, is determined on the basis of current market value (Level 1). Valuation methods or pricing models are used to determine the fair value of financial instruments if no direct market prices are available. If possible, the underlying assumptions are based on observed market prices or other market indicators as at the balance sheet date (Level 2). For most of the derivatives traded over the counter, as well as for other financial instruments that are not traded in an active market, fair value is determined by means of valuation methods or pricing models. Among the most frequently applied of those methods and models are discounted-cash-flow-based forward pricing and swap models, as well as options pricing models such as the Black-Scholes model or derivations thereof. The fair values arrived at on the basis of these methods and models are influenced to a significant degree by the choice of the specific valuation model and the underlying assumptions applied, for example the amounts and time sequence of future cash flows, discount rates, volatilities and/or credit risks. If neither current market prices nor valuation methods/models based on observable market data can be drawn on for the purpose of determining fair value, then valuation methods or pricing models supported by realistic assumptions derived from actual market data are used (Level 3). Level 3 principally includes investment funds, for which an obligatory net asset value is not published at least on a quarterly basis. The fair value of these positions is, as a rule, computed on the basis of external estimates by experts in relation to the level of the future payout of the fund units, or equates to the acquisition cost of the securities less any applicable valuation haircuts.
Valuation methods for financial instruments
in CHF million at fair value 30.06.2024 | Quoted market prices, Level 1 | Valuation methods based on market data, Level 2 | Valuation methods with assumptions based on market data, Level 3 | Total 30.06.2024 |
Assets | ||||
Cash and cash equivalents | 1,770 | 1,770 | ||
Receivables arising from money market papers | 167 | 167 | ||
Due from banks | 1,108 | 1,108 | ||
Due from customers | 5,796 | 5,796 | ||
Trading portfolios | 0 | 0 | ||
Derivative financial instruments | 29 | 29 | ||
Financial instruments at fair value | 137 | 53 | 190 | |
Financial instruments at amortised cost | 2,294 | 2,294 | ||
Liabilities | ||||
Due to banks | 381 | 381 | ||
Due to customers | 9,635 | 9,635 | ||
Derivative financial instruments | 22 | 22 | ||
Medium-term notes | 52 | 52 | ||
Debentures issued | 244 | 244 |
There were no reclassifications in the first half of 2024.
in CHF million at fair value 31.12.2023 | Quoted market prices, Level 1 | Valuation methods based on market data, Level 2 | Valuation methods with assumptions based on market data, Level 3 | Total 31.12.2023 |
Assets | ||||
Cash and cash equivalents | 1,611 | 1,611 | ||
Receivables arising from money market papers | 171 | 171 | ||
Due from banks | 1,354 | 1,354 | ||
Due from customers | 5,499 | 5,499 | ||
Trading portfolios | 0 | 0 | ||
Derivative financial instruments | 42 | 42 | ||
Financial instruments at fair value | 129 | 49 | 4 | 183 |
Financial instruments at amortised cost | 2,290 | 2,290 | ||
Liabilities | ||||
Due to banks | 293 | 293 | ||
Due to customers | 9,442 | 9,442 | ||
Derivative financial instruments | 104 | 104 | ||
Medium-term notes | 53 | 53 | ||
Debentures issued | 243 | 243 |
Level 3 financial instruments | 30.06.2024 | 31.12.2023 |
Balance sheet | ||
Holdings at the beginning of the year | 4.4 | 6.9 |
Investments | 0.0 | 0.0 |
Disposals | –0.2 | –0.1 |
Losses recognised in the income statement | –4.2 | –2.4 |
Gains recognised in the income statement | 0.0 | 0.0 |
Total book value at balance sheet date | 0.0 | 4.4 |
Income on holdings at balance sheet date | ||
Unrealised losses recognised in income from financial instruments | –4.2 | –2.4 |
Unrealised losses recognised as other comprehensive income | 0.0 | 0.0 |
Unrealised gains recognised in income from financial instruments | 0.0 | 0.0 |
Unrealised gains recognised as other comprehensive income | 0.0 | 0.0 |
No deferred day 1 profit or loss (difference between the transaction price and the fair value calculated on the transaction day) was reported for Level 3 positions as of 30 June 2024 or 31 December 2023.
Sensitivity of fair values of Level 3 financial instruments
Changes in the net asset values of investment funds lead to corresponding changes in the fair values of these financial instruments. A realistic change in the basic assumptions or estimated values has no material impact on the statement of income, other comprehensive income or the shareholders’ equity of VP Bank Group.
in CHF 1,000 | 30.06.2024 | 31.12.2023 | Variance absolute | Variance in % |
Property and equipment | ||||
Right of use – buildings and premises | 15,046 | 16,305 | –1,259 | –7.7 |
Right of use – motor vehicles | 485 | 459 | 26 | 5.7 |
Total assets | 15,531 | 16,764 | –1,233 | –7.4 |
Remaining duration of up to 1 year | 4,934 | 4,884 | 50 | 1.0 |
Remaining duration of 1 to 5 years | 12,140 | 13,550 | –1,410 | –10.4 |
Remaining duration of over 5 years | 0 | 0 | 0 | n.a. |
Total lease liabilities | 17,074 | 18,434 | –1,360 | –7.4 |
in CHF 1,000 | 01.01.– 30.06.2024 | 01.01.– 30.06.2023 | Variance absolute | Variance in % |
Net interest income | ||||
Interest expense on lease liabilities | 145 | 100 | 45 | 45.0 |
Depreciation of property and equipment | ||||
Depreciation and impairment on right-of-use assets | 2,367 | 2,666 | –299 | –11.2 |
in CHF 1,000 | 30.06.2024 | 31.12.2023 |
Total contingent liabilities | 109,423 | 110,507 |
Irrevocable facilities granted | 133,780 | 148,537 |
Total fiduciary transactions | 680,116 | 678,216 |
Contract volumes of derivative financial instruments | 4,870,349 | 5,746,712 |
Securities lending and repurchase and reverse-repurchase transactions | ||
Amounts receivable arising from cash deposits in connection with securities borrowing and reverse-repurchase transactions | 0 | 0 |
Amounts payable arising from cash deposits in connection with securities lending and repurchase transactions | 0 | 0 |
Securities lent out within the scope of securities lending or delivered as collateral within the scope of securities borrowing activities, as well as securities in own portfolio transferred within the framework of repurchase transactions | 253,462 | 288,980 |
of which securities where the unlimited right to sell on or pledge has been granted | 181,006 | 213,197 |
Securities received as collateral within the scope of securities lending or borrowed within the scope of securities borrowing activities, as well as received under reverse-repurchase transactions, where the unlimited right to sell on or further pledge has been granted | 250,465 | 290,890 |
of which securities which have been resold or repledged | 72,457 | 75,783 |
These transactions were conducted under conditions which are customary for securities lending and borrowing activities as well as trades for which VP Bank acts as intermediary.
in CHF million | 30.06.2024 | 31.12.2023 | Variance absolute | Variance in % |
Analysis of client assets under management | ||||
Assets in self-administered investment funds | 11,352.6 | 10,181.7 | 1,170.9 | 11.5 |
Assets in discretionary asset management accounts | 4,542.6 | 4,245.6 | 297.0 | 7.0 |
Other client assets under management | 34,523.8 | 31,924.5 | 2,599.2 | 8.1 |
Total client assets under management (including amounts counted twice) | 50,418.9 | 46,351.9 | 4,067.1 | 8.8 |
of which amounts counted twice | 1,807.6 | 1,622.4 | 185.2 | 11.4 |
Change of assets under management | ||||
Total client assets under management (including amounts counted twice) at the beginning of the financial year | 46,351.9 | 46,445.9 | –94.1 | –0.2 |
of which net new money | 518.0 | 27.3 | 490.7 | n.a. |
of which change in market value | 3,549.0 | –116.3 | 3,665.3 | n.a. |
of which other effects1 | 0.0 | –5.1 | 5.1 | 100.0 |
Total client assets under management (including amounts counted twice) as of balance sheet date | 50,418.9 | 46,351.9 | 4,067.1 | 8.8 |
Custody assets | 4,312.0 | 4,703.4 | –391.4 | –8.3 |
Total client assets | ||||
Total client assets under management (including amounts counted twice) | 50,418.9 | 46,351.9 | 4,067.1 | 8.8 |
Custody assets | 4,312.0 | 4,703.4 | –391.4 | –8.3 |
Total client assets | 54,730.9 | 51,055.3 | 3,675.6 | 7.2 |
in CHF million | 30.06.2024 | 30.06.2023 | Variance absolute | Variance in % |
Net new money | 518.0 | 83.1 | 434.9 | n.a. |
1Includes assets of sanctioned Russian clients reclassified as custody assets.
in CHF 1,000 | 30.06.2024 | 31.12.2023 |
Total shareholders’ equity | 1,107,056 | 1,107,152 |
Total regulatory deduction | –35,727 | –49,415 |
Eligible core capital (tier 1)1 | 1,071,329 | 1,057,737 |
Total required equity | 328,134 | 339,420 |
Capital buffer | 190,250 | 197,285 |
Total required equity including capital buffer | 518,384 | 536,705 |
Tier 1 ratio1 | 26.1% | 24.9% |
Total risk-weighted assets | 4,101,680 | 4,242,745 |
Return on investment (net income / average balance sheet total) | 0.2% | 0.4% |
1The CET 1 ratio is equal to the core capital ratio (tier 1) and the total capital ratio of VP Bank Group.