Consolidated annual report of VP Bank Group

Consolidated results

VP Bank has achieved a significantly improved result within what is still a challenging environment, with net income increasing by 154.6 per cent to CHF 47.0 million. The measures launched in 2024 have been pursued and have contributed to the positive development.

Client assets

Client assets under management amounted to CHF 53.7 billion as of 31 December 2025, representing an increase of 5.8 per cent compared with the previous year. Both market development and the net new money contributed to this growth.

Despite the high share of USD, the market performance was 3.5 per cent. The net new money amounted to CHF 1.2 billion (+2.3 per cent). Business performance in Liechtenstein, as well as EAM business in Switzerland, was particularly pleasing.

Custody assets declined to CHF 4.7 billion (–17.5 per cent). The main reason for this was the continuous reduction in the exit book, which was reallocated to custody assets in 2024. Total client assets amounted to CHF 58.3 billion.

Income statement

Operating income

Despite a challenging interest environment and negative currency effects, operating revenues developed positively to reach CHF 337.3 million. Negative currency impacts were particularly noticeable in interest and commission business, as a large part of client funds are held in USD and the USD depreciated against the CHF by an average of 5.7 per cent over the year.

  • Interest business: Net interest income declined by 5.4 per cent to CHF 144.5 million, mainly due to falling CHF interest rates.
  • Commission business and services: This item increased by 3.3 per cent to CHF 141.6 million benefiting from higher client assets, the revised value proposition as well as increased client activity.
  • Trading activities: Trading activities grew by 13.2 per cent to CHF 34.9 million, significantly driven by the increased client activity in foreign exchange trading.
  • Financial investments: Income from financial investments amounted to CHF 11.3 million and consisted largely of dividend income.
  • Other income: Other income also exceeded the previous-year level at CHF 4.9 million.

Operating expenses

Operating expenses fell by CHF 27.5 million to CHF 280.8 million in the wake of significant efficiency measures previously implemented in 2024.

  • Personnel expenses: Personnel expenses declined to CHF 172.8 million (–5.7 per cent). This figure includes higher variable compensation reflecting the positive business performance. If these variable components are disregarded, personnel expenses fell by 9.6 per cent due also to a reduction of average FTEs by 6.1 per cent.
  • General and administrative expenses: General and administrative expenses decreased by 9.2 per cent to CHF 77.7 million due to lower professional fees.
  • Depreciation and amortisation: Depreciation and amortisation declined by CHF 7.8 million to CHF 29.2 million as individual items such as the Centrum Bank client base (annually CHF 3.4 million) expired as planned and new investments were lower.

Operating expenses for 2024 included restructuring costs of CHF 7.3 million as well as one-off contributions to pension funds totalling CHF 3.9 million. Adjusted for these items, operating expenses fell compared to the previous year by 5.5 per cent.

Balance sheet

Total assets increased slightly year-on-year by 0.4 per cent to CHF 10.7 billion.

Assets

Current assets amounted to CHF 2.3 billion. Of this figure, CHF 1.3 billion was invested with the Swiss central bank (SNB); a further CHF 0.9 billion was attributable to receivables from banks or money market instruments with terms of up to one year. Together, these items covered 26.1 per cent of client deposits.

Outstanding client loans amounted to CHF 5.9 billion, of which CHF 3.7 billion related to mortgage loans. Overall loan volume decreased slightly by 0.3 per cent: While mortgage loans declined by 1.8 per cent, other loans increased by 1.9 per cent.

Liabilities and shareholders’ equity

Client deposits amounted to CHF 8.6 billion at the end of 2025 (–3.7 per cent). The decline can be accounted for among other things by shifts from current account balances to securities due to the interest rate environment.

Equity capital and liquidity

VP Bank Group continues to maintain a very solid capital and liquidity base. As of 31 December 2025, the CET1 respectively the tier 1 ratio was 26.1 per cent and the liquidity coverage ratio (LCR) was 180.4 per cent, both significantly higher than regulatory requirements.

Sustainability reporting

Information on non-financial topics can be found in the Sustainability Statement 2025 of VP Bank Group.