Liechtenstein-headquartered VP Bank will record total net income of SFr47 million (about $52 million) for the 2012 financial year (previous year SFr5.3 million, after International Accounting Standard 19 [employee benefits] adjustment), the private banking group has said in a statement.

Total net operating income rose by approximately SFr18 million, from SFr224.5 million to SFr242 million. Income from the commission business and services was lower, but the interest-differential business and income from financial instruments developed "favourably".

Operating expenses declined from SFr179 million to roughly SFr153 million. This was mainly attributable to a one-time reduction in personnel expenses as a result of the changeover from a defined-benefit to a defined-contribution pension scheme as well as early application of the revised IAS 19.

For the 2012 financial year, a net new money outflow of approximately SFr65 million is expected. An additional SFr127 million burden on the development of net new money came from the complete repurchase of a bond issue placed in June 2007, this because the bank’s own bonds are included in client assets under management.

At the end of December 2012, client assets under management at VP Bank Group totalled approximately SFR28.5 billion (previous year: SFr27.4 billion).

All these figures are unaudited; detailed information on the 2012 results will be presented on 12 March 2013.