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VPBANK Media release Ad hoc announcement pursuant to Art . 53 LR ( Listing Rules ) of SIX Exchange Regulation Ltd VP Bank Group announces good 2021 semi - annual results through growth in assets under management , success from the commission and services business and improved cost efficiency . Vaduz , 17 August 2021 VP Bank recorded solid results for the first half of 2021. Group net income rose significantly versus the prior - year period to reach CHF 29.9 million . Client assets under management in- creased by roughly 11 per cent , and the cost / income ratio declined to 79.4 per cent , thereby continuing the trends seen in recent years and demonstrating that VP Bank Group has entered its new strategy cycle on a firm foundation . Key financial highlights of the first half of 2021 at a glance • Group net income increased by 108.3 per cent to CHF 29.9 million ( previous year : CHF 14.4 million af- ter a one - time charge for a special effect of around CHF 20 million ) . • Operating income of CHF 166.6 million remained essentially unchanged versus the prior - year period , whilst income from commission business and services rose by 9.1 per cent . • Operating expenses declined significantly by CHF 14.0 million to a total of CHF 132.2 million ( minus 9.6 per cent ) . • • Client assets under management ( excluding custody assets ) grew by 10.8 per cent to CHF 52.6 billion ( CHF 47.4 billion as at 31.12.2020 ) . Renewed inflows resulted in net new money of CHF 0.7 billion in the first half of the year . • The cost / income ratio decreased to 79.4 per cent ( prior year : 87.7 per cent ) . Excluding valuation ad- justments and losses , the cost / income ratio actually stands at 70.2 per cent . • The tier 1 ratio was 20.8 per cent and the leverage ratio was 7.1 per cent . Stable income figures in a persistently low interest rate environment Compared to the prior - year period , VP Bank's operating income remained stable at CHF 166.6 million ( 30.06.2020 : CHF 166.8 million ) . Valuation changes in positions assessed at fair value are generally cred- ited to shareholders ' equity , whereas the volatility of such valuation changes has a minimal impact on op- erating income . Income from commission business and services rose by 9.1 per cent to CHF 78.0 million . Interest income eased versus the previous year by 2.6 per cent to CHF 55.9 million . Income from trading activities fell by 25.8 per cent to CHF 24.1 million , a decline attributable in large part to central bank USD and EUR interest rate cuts . Media release VP Bank 17 August 2021 1/4