VP Bank Group, a Liechtenstein-based private bank, has reported net income of CHF29.3m for the first half of 2018, a fall of 7% compared to CHF31.5m a year ago.

The private bank’s total operating income for the half year ended 30 June 2018 was CHF147.9m, down 2% from CHF151.1m last year.

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Net interest income increased 7% to CHF55m from CHF51.4m last year. Operating expenses dipped 1% year-on-year to CHF115.5m.

What do the rest VP Bank H1 results show?

The bank’s cost/income ratio in the first half of 2018 stood at 70.3%, versus 64.6% last year.

The first half tier-1 ratio was 22.6%, compared to 25.9% a year ago.

The bank’s assets under management totalled CHF40.9bn at the end of June 2018. The figure represented a 1% rise from CHF40.4bn at the end of December 2017. Net inflow of new money was CHF603.1m in the first half.

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“The increase resulted from the combined effects of CHF 0.6 billion in net new money and a CHF 0.1 billion drop in the market valuation (performance) of client assets,” the bank said in its earnings statement.

VP Bank Group CEO Alfred Moeckli said: “With CHF 603 million in net new money during a turbulent first half, we maintained the positive inflows trend of 2017. This increase improves our earnings situation in a sustainable manner and demonstrates that we have taken the necessary steps to drive our growth forward as planned and continue to invest in the operating business.”