Slides
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1 2026 semi-annual results VP Bank · 26 August 2026
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2 01 Board of Directors’ view Stephan Zimmermann, Chairman of the Board of Directors 02 2026 semi-annual results Roland Kläy, Chief Financial Officer 03 Strategy and outlook Dr Urs Monstein, Chief Executive Officer 04 Q&A
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3 01 1Board of Director’s view Stephan Zimmermann, Chairman of the Board of Directors
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4 2 2 0 2026 semi-annual results Roland Kläy, Chief Financial Officer
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5 Semi-annual profit up due to higher commission income and lower costs Figures as of 30 June 2026 Group net income CHF 32.4 million Cost/income ratio 78.8% Net new money CHF 1.4 billion Assets under management CHF 57.1 billion Continued strong capitalisation and good liquidity Tier 1 ratio 26.0% LCR 157.6% +12.7% -2.7% pts. +5.2% +6.4%
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6 Growth through net new money inflow and positive market performance Assets under management (in CHF billion) 1.4 2.0 AUM 12/2026 NNM Performance AUM 06/2026 53.7 57.1 +6.4% Development of assets under management • Increase in net new money of CHF 1.4 billion (annualised +5.2%) • Continued positive development in Liechtenstein and in Switzerland as well as in the intermediary and asset servicing client segments • Positive seasonal effects for each in the first half of the year • Positive market performance • In addition to the growth of net new money, market performance also made a significant contribution to growth
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7 Operating income: Commission income makes up for lower interest income Operating income (in CHF million) Operating income at CHF 171.6 million (-2.2%) • Interest income (-4.9%) • Weighed down by lower short-term CHF interest rates and exchange rates • Decline in average credit volume • Commission income (+7.8%) • Increase in average client assets under management (+6.4%) • Improvement of margins in private banking thanks to the revised value proposition • Trading income (-13.9%) • Stabilisation of trading income • Income from financial investments / other • Income from financial investments was boosted by higher dividend income • The previous year’s result for other income was influenced by one-off insurance benefits of CHF 4.6 million 3.8 6.0 14.2 2.114.6 16.3 18.9 16.0 16.3 68.3 68.8 69.0 72.6 74.4 75.9 76.9 73.2 71.3 69.7 1H24 2H24 1H25 2H25 1H26 162.6 168.0 175.4 162.0 171.6 11.2 -2.2% Interest income Commission income Trading income Income from financial investments / other
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8 Disciplined cost management and efficiency gains Operating expenses at CHF 135.2 million (-5.3%) • Personnel expenses (-3.2 %) • Average FTEs (-1.4 %) • General and administrative expenses (-11.8%) • Efficiency gains in a number of areas (especially IT and professional services) • Depreciation and amortisation (-12.0%) • End of depreciation and amortisation charges for major investments from previous years • Valuation allowances, provisions and losses • Overall at a low level • Cost/income ratio (-2.7% pts.) Operating expenses (in CHF million) C/I ratio 91.5% 0.7 1.7 1.0 1.918.7 18.3 15.0 14.2 13.2 43.7 41.8 41.9 35.8 37.0 85.7 97.6 85.9 86.9 83.2 1H24 2H24 0.0 1H25 2H25 1H26 148.8 159.4 142.8 138.0 135.2 -5.3% Personnel expenses General and administrative expenses Depreciation and amortisation Valuation allowances, provisions and losses 95.0% 81.5% 78.8%85.2%
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9 Total assets: CHF 11.5 billion (+7.3%) High asset quality requirements • High-quality financial investment portfolio and credit standards Robust refinancing • Client deposits represent the core source of refinancing, accounting for 82.2% of total assets • Solid loan-to-deposit ratio of 61.3% Risk metrics • Tier 1 / CET 1 ratio of 26.0% • Liquidity coverage ratio (LCR): 157.6% as of end of June (188% on average in the first half of 2026) • Leverage ratio in accordance with Basel III: 9.9% • Net stable funding ratio (NSFR): 164.9% Solid balance sheet and risk profile as foundation for growth Balance sheet (in CHF billion) Amounts due from banks Client loans Financial instruments Other assets Client deposits Equity capital Other liabilities Cash and cash equivalents Total assets: CHF 11.5 billion 1.2 2.4 0.8 5.8 9.4 1.3 1.7 0.2
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10 Summary Figures as of 30 June 2026 Group net income CHF 32.4 million Cost/income ratio 78.8% Net new money CHF 1.4 billion Client assets under management CHF 57.1 billion Continued strong capitalisation and good liquidity Tier 1 ratio 26.0% LCR 157.6% +12.7% -2.7% pts. +5.2% +6.4%
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11 3 3 0 Strategy and outlook Urs Monstein, Chief Executive Officer
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12 Commission income compensates for interest pressure Higher added value for our clients Diversified net new money Lower cost basis Robust foundation and sound risk profile Basis for sustainable growth
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13 Foundation • Sustainable cost savings achieved • Risk management continuously developed • Client-focused management structure introduced 2024 Clear timetable for achieving financial objectives Profitability • Value proposition strengthened • Optimised loan portfolio • Focused market and segment strategy implemented 2025 Profitable growth • Targeted market development • Structured client book planning • Further development of the sales organisation 2026 and beyond
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14 StepUp programme enables structured growth Profitable growth NNM p.a. with stable pricing (earnings growth > 4%) Implementation of a targeted market/segment strategy (target positioning and market launch strategies) Systematically drive forward client book development (processes, instruments and sales coaching) Sales organisational development (roles, client coverage, team development, leadership, sales skills) Programme streamsTarget 1 2 3
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15 Financial targets Tier 1 ratio maintained at over 20% Net new money growth of over 4% p.a. Cost/income ratio at a sustainably competitive level Revenue growth of 4% to 6% p.a.
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16 Strategic positioning and key success factors Partnership for progress. Customer proximity and client experience Employees and corporate culture Cost discipline and digitisation Risk discipline and financial stability Strategic growth and market positioning Ownership structure and governance
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17 Partnership for progress.
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18 04 1Q&A
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19 Thank you!
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20 Disclaimer Although the utmost care has been taken in producing this document, we cannot warrant that the information it contains is complete, up-to-date or correct. The contents of this document are provided solely for information purposes and should not be construed as an offer, an invitation to make an offer or a public advertisement inviting participation in transactions involving specific financial instruments or the take-up of specific services. In particular, this document does not constitute investment advice and does not take any account of the personal or future investment objectives, financial or fiscal circumstances or other special requirements of any individual investor. Similarly, depending on the individual investor’s nationality or country of residence, legal restrictions may apply as to transactions involving specific financial instruments or the take-up of specific services. Consequently, investors should seek advice from their client advisor before making an investment decision or taking up financial services. The value of and earnings generated by financial instruments can rise or fall. There is a risk that investors will not recoup their original investment. Past performance is no reliable indication of future results. Any financial instrument may involve the following risks (this list should not be regarded as exhaustive): issuer (creditworthiness) risk, market risk, credit risk, liquidity risk, interest rate risk, currency risk, economic risk and political risk. More information on these risks is given in the brochure “Risks in Securities Trading” published by the Liechtenstein Bankers’ Association and available at www.bankenverband.li. We cannot accept liability for any damage or losses allegedly incurred on the basis of information contained in this document. The contents of this document are protected by copyright, and any utilization other than private use requires our prior consent. © VP Bank Ltd Aeulestrasse 6 · 9490 Vaduz · Liechtenstein · T +423 235 66 55 info@vpbank.com · www.vpbank.com · VAT No. 51.263 · Reg. No. FL-0001.007.080-0