VP Bank : Semi-annual Report 2023 - VP Bank Group

Semi-annual Report 2023 Partnerships

Shareholder information

VP Bank Group at a glance

• Founded in 1956
• Third-largestbank in Liechtenstein
• Approximately 1,000 employees
• Listed on SIX Swiss Exchange in Zurich
• "A-"rating from Standard & Poor's
• Headquarters in Vaduz, Principality of Liechtenstein, along with five other locations at important international­ financial centres in Zurich, Luxembourg,
  Singapore, Hong Kong and Tortola (BVI)
• Focus on asset management for intermediaries and private persons, also operating as a universal bank on the Liechtenstein domestic market
• Asset servicing, including fund administration and custodial activities

Agenda 2024

Annual results	12 March 2024
Annual general meeting of shareholders	26 April 2024
Dividend payment	3 May 2024
Semi-annual results	20 August 2024

Master data

Registered shares A, listed on SIX Swiss Exchange

SIX symbol	VPBN
Bloomberg ticker	VPBN
Reuters ticker	VPBN.S
Security number	31 548 726
ISIN	LI0315487269

Goals for Strategy 2026

• Growth:
• • Net new money >4% p.a. over the cycle
  • Income growth of 4 to 6% p.a. over the cycle
• Profitability: cost / income ratio below 75% by 2026
• Stability: tier 1 ratio above 20%

The complete semi-annual report is also available online and can be downloaded as a PDF:

Semi-annual Report 2023 Partnerships

Seize opportunities through partnerships.

Strategic partnerships form an important component of VP Bank's Strategy 2026. Successful
collaboration­ with external partners and access to their expertise is of central importance for
the further development­ of innovative and client-centric solutions. Further information on these
collaborations can be found in the online annual report 2022 at report.vpbank.com / services /
online annual report 2022 as well as through daily engagement with the VP Bank team.	report.vpbank.com

Key figures of VP Bank Group

Our financial half-year 2023

Net income	Client assets1	Total operating income
CHF million+19.4%	CHF billion +1.7%	CHF million+16.6%

	25.5	46.4	47.2		188.3
21.3				161.5
30.06.22	30.06.23	31.12.22	30.06.23	30.06.22	30.06.23

Operating expenses	Total assets	Total shareholders' equity
CHF million+14.3%	CHF million -0.3%	CHF million -0.3%

	158.2	12,631.1	12,599.4	1,102.1	1,098.9
138.4
30.06.22	30.06.23	31.12.22	30.06.23	31.12.22	30.06.23

Cost/income ratio2	Tier 1 ratio	Net new money growth
in per cent	in per cent	in per cent

85.7	84.0	21.7	23.4	0.7
					0.4
30.06.22	30.06.23	31.12.22	30.06.23	30.06.22	30.06.23

1. Client assets under management excl. custody assets
2. Operating expenses / total operating income

Key figures of VP Bank Group

	30.06.2023	30.06.2022	31.12.2022	Variance to
				30.06.2022 in %
Key income statement data in CHF million1, 2
Total net interest income	72.1	55.6	121.5	29.6
Total net income from commission business and services	69.8	72.0	139.6	-3.1
Income from trading activities	38.7	27.1	65.5	42.7
Income from financial instruments	5.3	6.5	9.4	-18.8
Total operating income	188.3	161.5	336.4	16.6
Operating expenses	158.2	138.4	291.2	14.3
Group net income	25.5	21.3	40.2	19.4
	30.06.2023	30.06.2022	31.12.2022	Variance to
				31.12.2022 in %
Key balance-sheet data in CHF million1, 2
Total assets	12,599.4	13,626.8	12,631.1	-0.3
Due from banks	1,770.5	2,281.3	1,539.9	15.0
Due from customers	5,446.4	5,895.3	5,758.9	-5.4
Due to customers	10,608.3	11,366.3	10,833.7	-2.1
Total shareholders' equity	1,098.9	1,078.5	1,102.1	-0.3
Equity ratio (in %)	8.7	7.9	8.7	-0.0
Tier 1 ratio in accordance with Basel III (in %)	23.4	22.8	21.7	7.8
Leverage ratio in accordance with Basel III (in %)	7.9	7.4	8.0	-1.2
Liquidity coverage ratio in accordance with Basel III (in %)	202.2	250.2	232.6	-13.1
Net stable funding ratio (NSFR) in accordance with Basel III (in %)	164.1	161.3	158.4	3.6
Total client assets under management in CHF million	47,226.0	46,485.6	46,445.9	1.7
On-balance-sheet customer deposits (excluding custody assets)	10,491.9	11,192.5	10,684.4	-1.8
Fiduciary deposits (excluding custody assets)	607.1	425.2	493.0	23.1
Client securities accounts	36,127.0	34,867.9	35,268.4	2.4
Custody assets in CHF million	5,556.6	5,455.7	5,837.2	-4.8
Total client assets in CHF million	52,782.6	51,941.3	52,283.2	1.0
Business volumes in CHF million3	52,672.4	52,380.9	52,204.8	0.9
Net new money in CHF million	83.1	179.8	1,050.4	-92.1
Key operating indicators2
Return on equity (in %)1, 4	4.6	3.9	3.7
Cost/income ratio strategy 2026 (in %)5	84.0	85.7	86.6
Headcount
(expressed as full-time equivalents, excluding student apprentices)6	984.6	935.3	935.0
Total operating income per employee (in CHF 1,000)	191.2	172.7	359.8
Total operating expenses per employee (in CHF 1,000)7	132.8	130.6	267.7
Group net income per employee (in CHF 1,000)	25.9	22.8	43.0
Key indicators related to shares of VP Bank in CHF1
Group net income per registered share A8	4.15	3.49	6.57
Group net income per registered share B8	0.41	0.35	0.66
Shareholders' equity per registered share A on the balance-sheet date	178.49	176.17	179.92
Shareholders' equity per registered share B on the balance-sheet date	17.85	17.62	17.99
Quoted price per registered share A	84.40	89.80	87.80
Market capitalisation (in CHF million)9	559	594	581
Price/earnings ratio per registered share A	10.17	12.85	13.36
Rating Standard & Poor's10	A-/Stable/A-2	A/Negative/A-1	A/Negative/A-1

1. The reported key data and operating indicators are computed and reported on the basis of the share of the net profit and shareholders' equity attributable to the shareholders of
   VP Bank Ltd, Vaduz.
2. Details in the notes to the consolidated income statement and consolidated balance sheet.
3. Assets under management and due from customers.
4. Net income / average shareholders' equity less dividend.
5. Total operating expenses / total operating income.

1. In accordance with legal requirements, apprentices are to be included in headcount statistics as 50 per cent of equivalent full-time employees.
2. Operating expenses excluding depreciation and amortisation, valuation allowances, provisions and losses / headcount.
3. Based on the weighted average number of shares (registered share A) (note 11).
4. Including registered shares B.
5. As per Standard & Poor's Research Update on 19 July 2023.

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