The net income reduction stems from the value adjustment on an individual position in the credit portfolio, as reported in the spring of 2020.

Liechtenstein-based VP Bank expects its net income to fall for 2020, coming in at about SFr41.6 million (around $47 million) for the year.

The net income reduction stems from the value adjustment on an individual position in the credit portfolio, as reported in the spring of 2020.

“Taking into account challenging market conditions surrounding the corona[virus] pandemic, a persistently low interest rate environment and currency shifts, VP Bank Group recorded a stable result for the 2020 financial year,” it said.

The organisation brought in SFr1.4 billion in the second half of 2020.

The group recently completed its purchase of Luxembourg-based Öhman Bank’s private client business.

The bank announced a number of C-suite moves last year. In late March 2020 VP Bank warned that it would have to adjust one of its loan portfolio holdings by about SFr20 million because of the pandemic.