This striking result is attributable to a positive operating performance in conjunction with strict cost discipline. In addition, market effects also contributed to the rise in group net income.
Operating earnings rose by some 13 per cent to reach around CHF 328 million, while operating expenses increased by a lower percentage to reach approximately CHF 245 million. VP Bank Group is expecting significantly higher group net income of around CHF 74 million, which compares with CHF 54.7 million in the previous year.
Thanks to the successful growth strategy and the positive performance of financial markets, client as-sets under management (AuM) increased as at 31 December 2019 by around 15 per cent to reach some CHF 47.6 billion (previous year CHF 41.5 billion).
These are unaudited figures based on provisional calculations. The annual results for 2019 and the annual report with the final figures will be published as announced on 10 March 2020. No further information on the course of business will be provided until then.