Notes to the balance sheet and income statement

Analysis of collateral

in CHF 1,000	Mortgage collateral	Other collateral	Without collateral	Total
Loans
Due from customers	60,208	1,383,951	108,591	1,552,750
Mortgage receivables	3,340,949	23,491	796	3,365,236
Residential property	2,546,168	13,054	745	2,559,966
Office and business premises	289,305	0	0	289,305
Commercial and industrial premises	497,878	0	0	497,878
Other	7,598	10,437	52	18,087
Total loans, 31.12.2025	3,401,157	1,407,442	109,387	4,917,986
Total loans, 31.12.2024	3,438,393	1,488,904	65,948	4,993,245

Off-balance-sheet transactions
Contingent liabilities	486	8,306	11,251	20,042
Irrevocable facilities granted	6,358	22,395	39,627	68,380
Total off-balance-sheet transactions, 31.12.2025	6,844	30,701	50,878	88,422
Total off-balance-sheet transactions, 31.12.2024	29,792	50,973	84,641	165,405

Value-impaired loans

in CHF 1,000	Gross debt amount	Estimated liquidation value of collateral	Net debt amount	Individual value adjustments
Total value-impaired loans, 31.12.2025	38,663	27,504	11,159	11,159
Total value-impaired loans, 31.12.2024	70,470	53,660	16,810	16,810

Trading portfolios of securities and precious metals

in CHF 1,000	Carrying value		Acquisition cost		Market value
	31.12.2025	31.12.2024	31.12.2025	31.12.2024	31.12.2025	31.12.2024
Trading portfolios of securities and precious metals
Debt securities	0	0	0	0	0	0
listed on a stock exchange (traded on a recognised market)	0	0	0	0	0	0
not listed	0	0	0	0	0	0
of which own bonds and medium-term notes	0	0	0	0	0	0
Equity shares	9	23	9	25	9	23
of which equity shares in the treasury	9	23	9	25	9	23
Precious metals	578	372	427	312	578	372
Total	587	395	436	337	587	395

Material receivables and liabilities included in other balance sheet positions which are marked to market value and whose revaluation is recorded in the item “income from trading transactions”
Positive replacement values of derivative financial instruments in trading portfolios (other assets)	24,712	85,747			24,712	85,747
Negative replacement values of derivative financial instruments in trading portfolios (other liabilities)	22,673	18,490			22,673	18,490
Total	47,385	104,237			47,385	104,237

Portfolios of securities and precious metals in current assets (excluding trading portfolios)
Debt securities	1,954,351	2,148,620	2,103,918	2,203,843	1,943,631	2,108,940
Equity shares	198,612	181,092	269,632	246,852	270,011	224,454
of which equity shares in the treasury	30,918	31,757	47,639	51,084	31,090	31,757
Total	2,152,963	2,329,712	2,373,550	2,450,695	2,213,642	2,333,394
of which repo-eligible securities	616,911	722,340	643,277	737,434	619,071	715,548
of which exchange-listed securities	2,115,119	2,289,309	2,310,412	2,386,894	2,167,827	2,284,973

Disclosures on treasury shares included in current assets (excluding trading portfolios)

in numbers / in CHF 1,000	Number		Carrying value
	2025	2024	2025	2024
Registered shares A
Balance at the beginning of the year	375,460	416,615	29,061	35,631
Purchase
Disposals	–42,045	–41,155	–3,454	–3,757
Valuation allowances				–2,814
Appreciation			2,363
Balance at the end of the year	333,415	375,460	27,970	29,061

Registered shares B
Balance at the beginning of the year	350,237	349,237	2,697	3,023
Purchase	975	1,000	8	8
Disposals
Valuation allowances				–334
Appreciation			243
Balance at the end of the year	351,212	350,237	2,948	2,697

Participations and shares in affiliated companies

in CHF 1,000	Carrying value 31.12.2025	Carrying value 31.12.2024
Participations
without quoted market value	5,350	56
Total participations	5,350	56

Shares in affiliated companies
without quoted market value¹	188,013	188,013
Total shares in affiliated companies	188,013	188,013

1In the 2025 financial year, recovery in value of CHF 0.0 million was recognised in accordance with Art. 1090 PGR (previous year: CHF 0.0 million).

in CHF 1,000	31.12.2025			31.12.2024
	Currency	Corporate capital	Percentage ownership	Currency	Corporate capital	Percentage ownership
Participations
Data Info Services AG, Vaduz (procurement, trade and exchange of goods and services) - liquidated				CHF	50	50%
Embla Fund Management AG, Vaduz (fund management company)	CHF	125	40%

Shares in affiliated companies
VP Fund Solutions (Liechtenstein) AG, Vaduz (fund management company)	CHF	1,000	100%	CHF	1,000	100%
VP Fund Solutions (Luxembourg) SA, Luxembourg (fund management company)	CHF	5,000	100%	CHF	5,000	100%
VP Bank (Luxembourg) SA, Luxembourg (bank)	CHF	20,000	100%	CHF	20,000	100%
VP Bank (Switzerland) Ltd, Zurich (bank)	CHF	20,000	100%	CHF	20,000	100%
VP Wealth Management (Hong Kong) Ltd, Hong Kong (wealth management company) - wind down	HKD	43,000	100%	HKD	43,000	100%
VP Bank (BVI) Ltd, Tortola (bank)	USD	10,000	100%	USD	10,000	100%

Under shares in affiliated companies, the carrying value of the affiliated banks is CHF 165.8 million (previous year: CHF 165.8 million).

Overview of investments

				Financial year 2025
in CHF 1,000	Acqui- sition cost	Cumula- tive deprecia- tion to date	Carrying value 31.12.2024	Invest- ments/ additions	Divest- ments	Reclassi- ficaions	Depr. and amorti- sation	Foreign- currency translation	Carrying value 31.12.2025
Total participations (minority participations)	105	–49	56	5,319	–25				5,350
Total shares in affiliated companies	189,105	–1,092	188,013						188,013
Total intangible assets (excluding goodwill)	238,374	–193,152	45,222	12,447	–17		–15,695	–23	41,934
Real estate
bank premises	199,596	–154,657	44,939	2,223			–5,359		41,803
other real estate	3,983	–1,439	2,544	402			–5	–3	2,938
Other property and equipment	20,636	–17,215	3,421	590			–1,580	–160	2,270
Total property and equipment	224,215	–173,311	50,904	3,215			–6,944	–163	47,011

Fire-insurance values of real estate			175,100						176,000
Fire-insurance values of other property and equipment			14,300						16,426

Future obligations from operating leasing

At year end, there were various operating leasing agreements for real estate and other property, plant and equipment, the majority of which are used for the conduct of VP Bank Ltd’s business activities. The main leasing agreements include renewal options and exit clauses.

in CHF 1,000	31.12.2025	31.12.2024
Total minimum commitments arising from operating leases	4,616	6,250

Operating expenses include CHF 1.942 million from operating leasing as at 31 December 2025 (previous year: CHF 1.942 million).

Assets pledged or assigned to secure own or third-party liabilities and assets subject to retention of title

in CHF 1,000	31.12.2025	31.12.2024
Assets pledged or assigned to secure own or third-party liabilities and assets subject to reservation of title excluding securities lending/borrowing and repo transactions
Carrying value of assets pledged or assigned as security	762,626	765,338
Effective liabilities

Securities lending/borrowing and repurchase transactions
Amounts receivable arising from cash deposits in connection with securities borrowing and reverse-repurchase transactions
Amounts payable arising from cash deposits in connection with securities lending and repurchase transactions	229,998
Securities owned by the Bank lent out within the scope of securities lending or delivered as collateral within the scope of securities borrowing or transferred within the scope of repurchase transactions	589,254	300,493
of which securities for which an unconditional right has been granted to sell on or repledge	456,237	212,656
Securities received as collateral within the scope of securities lending or borrowed within the scope of securities borrowing or received within the scope of reverse repurchase transactions in the case of which the unconditional right to sell on or repledge was granted	356,003	293,850
of which securities repledged or sold on	133,017	87,837

Liabilities to own retirement pension plans

in CHF 1,000	31.12.2025	31.12.2024
Due to customers	19,084	31,314
Securitised liabilities	200	200
Other liabilities	606	95
Total liabilities to own retirement pension plans	19,890	31,609

Outstanding debenture issues

in CHF 1,000		Interest rate in %	Year of issue	Maturity	Nominal amount 31.12.2025	Nominal amount 31.12.2024
VP Bank Ltd, Vaduz		0.600	2019	29.11.2029	155,000	155,000

Valuation allowances / provisions for general banking risks

in CHF 1,000	Balance on 31.12.2024	Utilisation in accor- dance with purpose	Recoveries, overdue interest, forex diff.	Provisions charged to income statement	Provisions released to income statement	Balance on 31.12.2025
Valuation allowances for default risks
Individual valuation allowances	16,418	6,473	862	555	495	10,867
Individual valuation allowances made on lump-sum basis	392		–9	350	442	291
Lump-sum valuation allowances	1,959		–49	1,570	1,835	1,646
Individual valuation allowances made on lump-sum basis for country risks	34					34
Provisions for contingent liabilities and credit risks	449		–38	113	463	61
Provisions for taxes and deferred taxes	715	80	–6	2,084		2,714
Other provisions	6,373	3,651	–14	1,814	1,225	3,297
Total valuation allowances and provisions	26,340	10,204	747	6,487	4,459	18,911
minus: valuation allowances	18,803					12,839
Total provisions as per balance sheet	7,537					6,072
Provisions for general banking risks	63,150					63,150

Company capital

in CHF 1,000	31.12.2025			31.12.2024
	Total par value	Number	Capital entitled to dividends	Total par value	Number	Capital entitled to dividends
Registered shares A	60,150	6,015,000	60,150	60,150	6,015,000	60,150
Registered shares B	6,004	6,004,167	6,004	6,004	6,004,167	6,004
Total company capital	66,154	12,019,167	66,154	66,154	12,019,167	66,154

Significant shareholders and groups of shareholders with interlinking voting rights

in CHF 1,000	31.12.2025			31.12.2024
	Par value	Share in % of par value	Share of voting rights in %	Par value	Share in % of par value	Share of voting rights in %
With voting rights
Stiftung Fürstl. Kommerzienrat Guido Feger, Vaduz	15,194	23.0	46.6	15,194	23.0	46.6
U.M.M. Hilti-Stiftung, Schaan	6,441	9.7	10.3	6,441	9.7	10.3
Marxer Stiftung für Bank- und Unternehmenswerte, Vaduz	7,569	11.4	6.3	7,569	11.4	6.3

Statement of changes in shareholders’ equity

in CHF 1,000	2025
Shareholders’ equity at the beginning of the financial year
Subscribed and paid-up capital	66,154
Capital reserves	47,049
Legal reserves	239,800
Reserve for treasury shares	31,780
Other reserves	336,413
Provisions for general banking risks	63,150
Retained earnings	139,456
Total shareholders’ equity at the beginning of the financial year	923,802

Other appropriations / releases from reserves (–)	1,583
Dividends and other distributions from net income of the previous year¹	–26,462
Net income/loss (–) for the financial year	66,248
Total shareholders’ equity at the end of the financial year	965,171

of which
Subscribed and paid-up capital	66,154
Capital reserves	47,049
Legal reserves	239,800
Reserve for treasury shares	30,927
Other reserves	338,849
Provisions for general banking risks	63,150
Retained earnings	179,242

1Effective payouts have only been made to third parties.

Maturity structure of assets as well as liabilities and provisions

in CHF 1,000	Sight	Callable	Due within 3 months	Due within 3 to 12 months	Due within 1 to 5 years	Due after 5 years	Without maturity	Total
Assets
Cash and cash equivalents	1,005,508							1,005,508
Due from banks	754,607		39	10,652				765,298
Due from customers	221,339	9,240	3,053,143	545,649	892,819	195,796		4,917,986
of which mortgage receivables	6,004	9,240	1,868,007	479,235	807,229	195,521		3,365,236
Trading portfolios of securities and precious metals	587							587
Portfolios of securities and precious metals in current assets (excluding trading portfolios)	198,612		204,919	209,922	1,165,263	374,248		2,152,963
Other assets	306,513		1,053				44,741	352,307
Total assets, 31.12.2025	2,487,165	9,240	3,259,154	766,223	2,058,082	570,044	44,741	9,194,649
Total assets, 31.12.2024	1,835,923	30,078	3,344,860	1,055,788	2,240,863	691,694	47,483	9,246,688

Liabilities and provisions
Due to banks	834,382	643,287	714,562	175,829				2,368,060
Due to customers	2,411,411	2,086,989	846,882	184,009	5,692			5,534,983
savings deposits		397,790						397,790
other liabilities	2,411,411	1,689,199	846,882	184,009	5,692			5,137,193
Securitised liabilities			1,094	14,139	212,915	1,977		230,125
debentures issued			1,094	14,139	212,915	1,977		230,125
of which medium-term notes			1,094	14,139	57,915	1,977		75,125
Provisions (excluding provisions for general banking risks)	6,072							6,072
Other liabilities	87,886		2,351					90,237
Total liabilities, 31.12.2025	3,339,751	2,730,276	1,564,889	373,977	218,607	1,977		8,229,477
Total liabilities, 31.12.2024	2,966,367	3,053,998	1,782,248	302,905	215,772	1,596		8,322,886

Debentures and other interest-bearing securities which mature in the following financial year								414,841
Issued debentures which mature in the following financial year								15,233

Receivables from and payables to participations, affiliated companies and qualifying participants, as well as loans to governing bodies and material transactions with related persons

in CHF 1,000	31.12.2025	31.12.2024
Receivables from and payables to participations, affiliated companies and qualifying participants
Receivables from participations
Payables to participations	10,642	48
Receivables from affiliated companies	114,169	81,740
Payables to affiliated companies	1,857,099	2,166,687
Receivables from qualifying participants
Payables to qualifying participants	80,284	63,916

Loans to governing bodies
Members of Group Executive Management and parties related thereto	7,183	4,031
Members of the Board of Directors and parties related thereto¹	2,220	2,220

1Excluding receivables from related qualifying parties.

VP Bank Ltd also remunerates related parties within the scope of customary intermediary services and purchased advisory services. Such compensation is in line with standard market conditions. The total amount of these remunerations and professional fees was CHF 0.209 million in 2025 (previous year: CHF 0.609 million).

Balance sheet by domestic and foreign origin

in CHF 1,000	31.12.2025		31.12.2024
	Domestic	Foreign	Domestic	Foreign
Assets
Cash and cash equivalents	12,705	992,803	640,667	3,644
Due from banks	0	765,298	629,982	216,829
Due from customers	1,735,493	3,182,493	3,905,794	1,087,451
of which mortgage receivables	1,490,980	1,874,256	3,210,898	228,164
Debentures and other interest-bearing securities	5,998	1,948,353	305,718	1,842,902
Equity shares and other non-interest-bearing securities	15,867	151,827	74,400	74,935
Participations	5,319	31	35	21
Shares in affiliated companies	1,000	187,013	96,000	92,013
Intangible assets	41,837	97	44,914	308
Property and equipment	46,078	933	49,585	1,319
Treasury shares	30,927		31,780
Other assets	13,391	30,449	67,391	49,906
Accrued receivables and prepaid expenses	8,290	18,447	12,642	18,452
Total assets	1,916,905	7,277,744	5,858,908	3,387,780

Liabilities and shareholders’ equity
Due to banks	65	2,367,995	436,492	1,901,372
Due to customers	2,889,825	2,645,158	3,485,132	2,167,318
savings deposits	257,635	140,155	311,535	67,916
other liabilities	2,632,190	2,505,003	3,173,597	2,099,402
Securitised liabilities	230,125		204,491
Other liabilities	27,619	30,786	27,983	57,544
Accrued liabilities and deferred items	21,149	10,683	19,982	15,035
Provisions	5,407	665	6,228	1,309
Provisions for general banking risks	63,150		63,150
Share capital	66,154		66,154
Capital reserves	47,049		47,049
Income reserves	609,576		607,993
legal reserves	239,800		239,800
reserves for treasury shares	30,927		31,780
other reserves	338,849		336,413
Balance brought forward	112,995		112,392
Net income for the year	66,248		27,064
Total liabilities and shareholders’ equity	4,139,362	5,055,287	5,104,110	4,142,578

According to the Banking Accounting Ordinance (Art. 91 para. 2), Liechtenstein will be the only domestic territory from 2025 onwards.

Total assets by country or group of countries

in CHF 1,000	31.12.2025		31.12.2024
	Absolute	Share in %	Absolute	Share in %
Assets
Liechtenstein/Switzerland	6,027,505	65.6	5,858,908	63.4
Europe (excluding Liechtenstein/Switzerland)	1,370,801	14.9	1,372,918	14.8
North America	606,850	6.6	673,871	7.3
Asia	679,391	7.4	802,424	8.7
Caribbean	471,778	5.1	428,475	4.6
Other	38,324	0.4	110,092	1.2
Total assets	9,194,649	100.0	9,246,688	100.0

Balance sheet by currency

in CHF 1,000	CHF	USD	EUR	Other	Total
Assets
Cash and cash equivalents	995,216	279	6,394	3,619	1,005,508
Due from banks	50,820	174,832	180,650	358,995	765,298
Due from customers	4,198,240	307,802	172,350	239,595	4,917,986
of which mortgage receivables	3,304,066	2,631	8,264	50,275	3,365,236
Debentures and other interest-bearing securities	505,441	733,523	629,458	85,929	1,954,351
Equity shares and other non-interest-bearing securities	71,381	12,720	78,514	5,078	167,694
Participations	5,334		16		5,350
Shares in affiliated companies	188,013				188,013
Intangible assets	41,837	97			41,934
Property and equipment	46,078	933			47,011
Treasury shares	30,927				30,927
Other assets	31,573	9,892	91	2,284	43,840
Accrued receivables and prepaid expenses	11,664	7,659	6,780	634	26,737
Total on-balance-sheet assets	6,176,524	1,247,738	1,074,254	696,134	9,194,649
Delivery claims arising from foreign-exchange spot, forward and option transactions	538,406	2,590,499	1,570,868	863,579	5,563,351
Total assets, 31.12.2025	6,714,929	3,838,237	2,645,121	1,559,713	14,758,000
Total assets, 31.12.2024	6,505,728	3,668,507	2,109,280	1,539,176	13,822,691

Liabilities and shareholders’ equity
Due to banks	633,178	1,023,840	335,099	375,944	2,368,060
Due to customers	2,454,296	1,537,283	1,052,178	491,227	5,534,983
savings deposits	397,079		711		397,790
other liabilities	2,057,217	1,537,283	1,051,467	491,227	5,137,193
Securitised liabilities	228,066	921	1,138		230,125
Other liabilities	23,674	27,951	4,359	2,422	58,405
Accrued liabilities and deferred items	20,903	6,883	669	3,377	31,832
Provisions	5,624		125	323	6,072
Provisions for general banking risks	63,150				63,150
Share capital	66,154				66,154
Capital reserves	47,049				47,049
Income reserves	609,576				609,576
legal reserves	239,800				239,800
reserves for treasury shares	30,927				30,927
other reserves	338,849				338,849
Balance brought forward	112,995				112,995
Net income for the year	66,248				66,248
Total on-balance-sheet liabilities	4,330,912	2,596,878	1,393,568	873,292	9,194,649
Delivery obligations arising from foreign-exchange spot, forward and option transactions	2,424,721	1,247,231	1,207,186	682,176	5,561,313
Total liabilities, 31.12.2025	6,755,633	3,844,109	2,600,753	1,555,467	14,755,962
Total liabilities, 31.12.2024	6,460,986	3,660,088	2,084,320	1,550,288	13,755,682

Net position per currency	–40,704	–5,872	44,368	4,245

Contingent liabilities

in CHF 1,000	31.12.2025	31.12.2024	Variance absolute	Variance in %
Contingent liabilities
Credit guarantees and similar	9,901	10,406	–505	–4.8
Performance guarantees and similar	10,141	10,726	–585	–5.5
Other contingent liabilities	0	0	0	0.0
Total contingent liabilities	20,042	21,132	–1,090	–5.2

Unsettled derivative financial instruments

in CHF 1,000	Trading instruments			Hedging instruments
	Positive replacement values	Negative replacement values	Contract volumes	Positive replacement values	Negative replacement values	Contract volumes
Interest-rate instruments
Swaps					158	7,000
Futures

Foreign exchange / precious metals
Forward contracts	4,625	2,832	788,208
Combined interest-rate/currency swaps	11,224	10,977	4,138,638
Options (OTC)	6,434	6,434	524,677

Equity instruments/Indices
Futures
Options (OTC)	2,429	2,429	104,827
Options (exchange-traded)
Total prior to consideration of netting agreements, 31.12.2025	24,712	22,673	5,556,351	0	158	7,000
Total prior to consideration of netting agreements, 31.12.2024	85,747	18,490	4,699,885	0	414	22,000

Financial instruments falling under a netting agreement do not meet the set-off requirements for balance-sheet purposes, which is why the carrying values of the related financial instruments are not netted in the balance sheet (Consolidated report, note 37).

Fiduciary transactions

in CHF 1,000	31.12.2025	31.12.2024	Variance absolute	Variance in %
Fiduciary transactions
Fiduciary deposits	189,275	340,609	–151,334	–44.4
Fiduciary deposits with third-party banks	107,842	207,590	–99,748	–48.1
Fiduciary deposits with affiliated banks and finance companies	81,433	133,019	–51,586	–38.8
Fiduciary loans	0	0	0	0.0
Other fiduciary transactions of financial nature	0	0	0	0.0
Total fiduciary transactions	189,275	340,609	–151,334	–44.4

Information on the income statement

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Income from trading activities
Gains from securities	2	–91	93	–102.4
Gains from trading derivatives	370	808	–438	–54.2
Gains from foreign-exchange transactions	21,640	19,897	1,743	8.8
Gains from trading in banknotes	764	727	37	5.0
Gains from precious metals	761	466	295	63.3
Total income from trading activities	23,537	21,808	1,729	7.9

1The forward component of forward transactions will be recognized in interest income from fiscal year 2025 onwards (previously recognized in income from financial transactions). The previous year's figures have been adjusted accordingly to improve comparability.

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Personnel expenses
Salaries and wages	98,744	104,163	–5,419	–5.2
Social security costs and staff retirement pensions and assistance costs	18,992	18,572	420	2.3
of which for staff retirement pensions	16,629	16,209	420	2.6
Other personnel expenses	–44	83	–127	–153.4
of which internally produced and capitalized assets	–3,005	–2,515	–490	19.5
Total personnel expenses	117,692	122,818	–5,126	–4.2

The remuneration of the Board of Directors and the Executive Board is disclosed under “Compensation paid to Members of the Board of Directors”.

in CHF 1,000	2025	2024	Variance absolute	Variance in %
General and administrative expenses
Occupancy expenses	2,963	3,104	–141	–4.5
Expenses for IT, equipment, furniture, motor vehicles and other installations	34,533	32,297	2,236	6.9
Other operating expenses	29,261	32,970	–3,709	–11.3
Total general and administrative expenses	66,757	68,371	–1,614	–2.4

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Other ordinary expenses
Losses and differences	556	603	–47	–8.0
Other ordinary expenses¹	2,139	6,589	–4,450	–67.5
Total other ordinary expenses	2,695	7,192	–4,497	–62.5

12025: of which CHF 0.3 million resulting from service agreements with subsidiaries and CHF 1.5 million from tax expenses relating to other periods 2024: of which CHF 6.6 million resulting from service agreements with subsidiaries.

in %	2025	2024	Variance absolute	Variance in %
Return on capital¹	0.72	0.28	0.44	157.1

1Net income / average balance sheet total.

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Other ordinary income
Income from real estate	143	187	–44	–23.5
Other ordinary income¹	24,776	24,506	270	1.1
Total other ordinary income	24,919	24,693	226	0.9

12025: of which CHF 23.9 million resulting from service agreements with subsidiaries. 2024: of which CHF 24.0 million resulting from service agreements with subsidiaries.

Other assets and liabilities

in CHF 1,000	31.12.2025	31.12.2024	Variance absolute	Variance in %
Other assets
Precious metals	578	372	206	55.3
Unsettled derivative financial instruments (positive replacement values)	24,712	85,747	–61,035	–71.2
Trading positions	24,712	85,747	–61,035	–71.2
Liquidity positions	0	0	0	0.0
Compensation accounts	111	301	–190	–63.0
Settlement accounts	10,023	24,072	–14,049	–58.4
Miscellaneous other assets	8,416	6,805	1,611	23.7
Total other assets	43,840	117,297	–73,457	–62.6

Other liabilities
Accounts for disbursement of taxes and fees	6,639	5,248	1,391	26.5
Unsettled derivative financial instruments (negative replacement values)	22,831	18,904	3,927	20.8
Trading positions	22,673	18,490	4,183	22.6
Liquidity positions	158	414	–256	–61.8
Compensation accounts	0	0	0	0.0
Settlement accounts	26,945	58,733	–31,788	–54.1
Miscellaneous other liabilities	1,990	2,642	–652	–24.7
Total other liabilities	58,405	85,527	–27,122	–31.7

Income and expense analysed by permanent establishment

in CHF 1,000	2025		2024
	Domestic	Foreign	Domestic	Foreign
Interest income¹	212,465	40,836	270,242	47,952
Interest expenses	130,271	29,488	198,500	36,956
Current income from securities	61,384		68,026
Income from commission business and services	73,190	11,892	71,808	10,278
Commission expenses	12,323	3,054	11,899	2,718
Income from financial transactions¹	24,809	3,663	6,185	4,122
Other ordinary income	30,041		30,468
Operating expenses	169,328	20,457	171,631	25,199
Other ordinary expenses	2,667	13	7,174	18

1The forward component of forward transactions will be recognized in interest income from fiscal year 2025 onwards (previously recognized in income from financial transactions). The previous year's figures have been adjusted accordingly to improve comparability.

The breakdown between domestic and foreign is based on the domicile of the reporting branches.

The values listed under “Foreign” refer to VP Bank Ltd Singapore Branch in Singapore (business activity: bank). Adjusted to reflect full-time equivalents, this unit employed 62 persons as at 31 December 2025 (31 December 2024: 70 persons). On a consolidated basis, total operating income in the 2025 financial year amounts to the equivalent of CHF 3.488 million (previous year: CHF 7.934 million) and earnings before tax to CHF -11.834 million (previous year: CHF -12.138 million). The unit received the equivalent of CHF 0.016 million in government subsidies in the 2025 financial year (previous year: CHF 0.041 million).