Vp Bank Ag Class A · SIX:VPBN
Vp Bank Ag Class A — H1 2024 Earnings Presentation
21 slides from Vp Bank Ag Class A's earnings presentation, Aug 20, 2024
Slide 1: Semi-annual conference 2024
VP Bank Group · 20 August 2024 Semi-annual conference 2024
Slide 2: Agenda
01 Board of Directors’ view Stephan Zimmermann, Chairman of the Board of Directors 02 2024 semi-annual results Roger Barmettler, Chief Financial Officer 03 Strategy and measures Dr Urs Monstein, interim Chief Executive Officer 04 Q&A
Slide 3: Board of Director's view
01 Board of Director’s view Stephan Zimmermann, Chairman of the Board of Directors
Slide 4: We want to grow together with our intermediaries
We want to grow. And we want to do this in a way that is scalable by growing together with our intermediaries.
Slide 5: 2024 semi-annual results
02 2024 semi-annual results Roger Barmettler, Chief Financial Officer
Slide 6: Review of the first half of 2024
Review of the first half of 2024 Group net income (–55%) within a challenging market environment CHF 11.5 million Net new money growth of 2.2% despite forced outflows CHF 0.5 billion Business volume: Client assets under management (+9%) and credit volume (+5%) CHF 56.2 billion Ongoing strong capital
Slide 7: Positive growth in net new money
Positive growth in net new money Client assets under management (in CHF billion) Growth in net new money • Net new money amounted to CHF 0.5 billion, representing annualised growth of 2.2% NNM CHF 0.5 billion • Disregarding forced outflows, net new money totalled 3.6 50.4 CHF 0.8 billion, or 3.6% 46
Slide 8: Increase in client assets under management and credit volume
Increase in client assets under management and credit volume Client assets under management (in CHF billion) Client assets under management +9% • Client assets under management increased as a result 47.2 46.4 50.4 of positive NNM and good market performance. • Average AuM were 3% higher compared to
Slide 9: Operating income held down by higher interest expenses
Operating income held down by higher interest expenses Operating income (in CHF million) • Interest income down 27% due to higher expenses (–15% compared to H2 2023) -14% 188.3 • Commission income 2% lower than the previous-year 176.1 period, stable compared to the previous period 162.6 • Growth in
Slide 10: Performance of interest income
Performance of interest income Interest expenses and interest income (in CHF million) • Interest income grew by 8% to CHF 162.8 million. -27% • Interest expenses rose over the same period by 41% to 61.6 52.5 CHF 110.2 million due to 72.1 • Higher interest payments to clients 150.2 165.8 162.8 • Shif
Slide 11: Cost growth normalised
Cost growth normalised Operating expenses (in CHF million) Personnel expenses –5% on H1 2023 -6% • Lower performance-related compensation offset growth 158.2 in personnel and higher salaries 155.3 148.8 General and administrative expenses rose by 7% compared to H1 2023, remained stable in line with
Slide 12: Robust foundation
Robust foundation Balance sheet as of 30 June 2024 (in CHF billion) Sound balance sheet • High-quality loan portfolio Cash and 1.9 cash equivalents • Cash and cash equivalents along with amounts due Amounts due 1.1 from banks cover 31.0 % of client deposits from banks • Total assets +2%, based on gr
Slide 13: Sound risk profile
Sound risk profile Tier 1 ratio (as a percentage) Tier 1 / CET 1 ratio increased further to 26.1% 26.1 24.9 23.4 Other key figures • Liquidity coverage ratio: 310% • Leverage ratio: 9.1% • Net stable funding ratio (NSFR): 143% Regulatory requirement Jun 23 Dec 23 Jun 24 13
Slide 14: Summary
Summary Group net income (–55%) within a challenging market environment CHF 11.5 million, Net new money growth of 2.2% despite forced outflows CHF 0.5 billion Rising business volume: AuM (+9%) and credit volume (+5%) CHF 56.2 billion Ongoing strong capitalisation and good liquidity Tier 1 ratio 26.1
Slide 15: Strategy and measures
03 Strategy and measures Dr Urs Monstein, interim Chief Executive Officer
Slide 16: Increase in earnings in core markets
Increase in earnings in core markets Europe Liechtenstein • Further expand private client and commercial Luxembourg / Switzerland business • Further leverage know-how from • Strengthening market intermediary business for the benefit of leadership in fiduciary clients business • Intensify cultivation
Slide 17: Package of measures
Package of measures Increase revenues Cut costs Systematic concentration Withdrawal of unsuccessful services on our strengths in all regions Business plans for fiduciary business, Concentration on profitable locations Nordics and Germany Programme launched for enhancing the IT process optimisation i
Slide 18: Foundations laid for a successful future
Foundations laid for a successful future Diversified business model and strong innovation. Open IT architecture for developing new services. Very good investment performance. Robust risk processes and risk assessment models. Above-average capitalisation and strong liquidity position for further deve
Slide 19: Q&A
04 Q&A
Slide 20: Thank you.
Thank you.
Slide 21: Disclaimer
Disclaimer Although this documentation was prepared with the greatest possible care, we do not assume any liability that the information contained in it is complete, up to date or accurate. The information in this documentation is for information purposes only and should not be construed as an offer