Statement by the Chairman of the Board and the Chief Executive Officer
Dear Shareholders, Ladies and Gentlemen
The first half of 2026 was characterised by contrasting trends. Whilst the capital markets benefited from technological innovations, particularly in the field of artificial intelligence, the geopolitical environment and falling interest rates on the Swiss franc remained negative factors.
It is precisely in an environment such as this that it becomes clear whether the right strategic course has been set and how robust a business model is. The results for the first half of the year confirm that we are on the right track. VP Bank achieved a half-year profit of CHF 32.4 million, representing an increase of 12.7 per cent compared with the same period last year. Key factors contributing to this were the growth in assets under management, the positive performance of the commission and service business, which offset the ongoing decline in net interest income, and the continued rigorous cost discipline.
Growth initiatives are having an impact
The ongoing pressure on net interest income is leading to structural changes in the banking sector’s revenue model. We launched various growth initiatives as early as 2025. The aim was to broaden the revenue base, strengthen our sales capabilities and lay the foundations for long-term growth. These measures are increasingly taking effect.
By further developing our value proposition in private banking and the intermediary business, we have consistently tailored our offering to the needs of our clients. The high level of acceptance of the new model confirms the attractiveness of our offering. At the same time, this is generating recurring additional income of around CHF 7 million per year. In doing so, we are strengthening the quality and sustainability of our income and gradually making our business model less dependent on the interest rate environment.
At the same time, we are making targeted investments in our sales capabilities. Through structured client portfolio planning, targeted training programmes and a clear focus on sales excellence, we are laying the foundations for further expanding existing client relationships and actively acquiring new clients. These efforts are also yielding results. In the first half of the year, VP Bank achieved a net inflow of CHF 1.4 billion, which corresponds to annualised growth of 5.2 per cent. The broad-based nature of these inflows is particularly encouraging. We recorded growth in particular in our home market of Liechtenstein and in Switzerland, as well as in the Intermediaries and Asset Servicing business segments. Driven by positive net new money and a favourable market performance, assets under management rose by 6.4 per cent to CHF 57.1 billion.
The positive development in the commission and service business fully offset the decline in net interest income.
Urs Monstein
Chief Executive Officer
Digitalisation and people as factors for success
The further development of our business model extends well beyond new growth initiatives. At the same time, we continue to invest consistently in the digital transformation of VP Bank. We are streamlining processes, making targeted use of artificial intelligence where it adds value, increasing our efficiency and freeing up more time for personal advice. We do not view digitalisation as an end in itself, but rather as a means for further enhancing the client experience and ensuring that our organisation is well posistioned for the future.
The key to this is the continuous development of our employees. We can only successfully implement our strategy with committed and competent teams. That is why we make targeted investments in leadership, training and professional development, as well as in a corporate culture that promotes personal responsibility, collaboration and entrepreneurial thinking.
Profitable growth requires a strong foundation
Profitable growth means more to us than increasing client revenues. Equally important is the disciplined management of our cost base. Efficiency is therefore not a short-term cost-cutting programme, but an integral part of our corporate management approach. In the first half of 2026, operating expenses decreased by a further 5.3 per cent, driven by reductions in personnel expenses, general and administrative expenses, as well as depreciation and amortisation.
At the same time, a strong balance sheet and solid capitalisation underpin our stability. They provide us with the financial flexibility required to seize opportunities, even in a challenging environment.
We also achieved an important milestone this year with the assignment of our first-ever Moody’s ratings. The issuer rating of A1 and the deposit rating of Aa2 reaffirm VP Bank’s high credit quality and the strength of our business model.
Consistently advancing our strategy
As the current strategy cycle draws to a close, the Board of Directors and Group Executive Management are jointly assessing VP Bank’s strategic direction. This is not a fundamental reset. Instead, the focus is on how we can build even more effectively on our strengths, continue to evolve our organisation, and realise our growth potential to an even greater extent.
In doing so, we deliberately incorporate a range of perspectives. Regular dialogue with our clients, employees, and shareholders provides valuable insights for the continued development of VP Bank. The feedback we have received to date confirms that we are on the right track and reinforces our commitment to pursuing this course with consistency and determination.
The building blocks for our next phase of growth are now in place.
Stephan Zimmermann
Chairman of the Board
Entering the second half of the year with confidence
We enter the second half of the year with confidence. Following the seasonally strong net new money inflows in the first half, we expect growth to normalise. At the same time, business activity is typically more subdued in the second half of the year. In addition, market conditions will continue to be influenced by geopolitical developments, the persistently low interest-rate environment, and currency movements.
However, the foundations for the next phase of growth are firmly in place. Our strategic initiatives are delivering results, our financial position remains strong, and our organisation continues to evolve. The task now is to build on the momentum we have created. In doing so, we remain true to our commitment: delivering sustainable organic growth, underpinned by a strong capital base, disciplined risk management, and a partnership-oriented approach to serving our clients.
We would like to express our sincere appreciation to our employees. Their dedication, expertise, and readiness to actively shape change are fundamental to VP Bank’s success. We also thank our clients, shareholders, and business partners for the trust they place in us. This trust is both a source of motivation and a responsibility.
