Bank Frick more than doubles annual profit
Bank Frick has achieved annual profit of 9.8 million Swiss francs for the business year 2021 according to a press release from the bank, which is family-owned and based in Balzers. This corresponds to a year-on-year increase in profits of 122.7 percent. All business areas from the bank, which considers itself to be a European pioneer in the area of regulated blockchain banking, contributed to the positive performance.
The Chairman of the Board of Directors at Bank Frick, Mario Frick, is quoted in the press release, stating: “We increased net income by 61% compared to the previous year and reported a profit of CHF 66.8 million.” He adds: “It is apparent that the traditional financial world is looking more and more closely at blockchain-based assets.”
The bank also reorganized its organizational units with direct client contact in the reporting year. The most significant innovation according to the press release from the company is the establishment of a new department for client services. Bank Frick CEO Edi Wögerer explains: “In recent years, we have made significant investments in technology, regulatory issues, compliance and the establishment of new business models. This new structure enables us to place our know-how in exactly the right areas.”
Client assets under management by Bank Frick rose in the reporting year by 33.6 percent to 4.4 billion Swiss francs on the reporting date at the end of 2021. With this, net new assets were attracted amounting to 1.27 billion Swiss francs.