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Bank Frick increases annual profit to 13.5 million Swiss francs

25 Apr 2024
Balzers - Bank Frick has raised its annual profit for 2023 to 13.5 million Swiss francs. This is 31.8 percent higher than the previous year’s level. Client assets under management amounted to 4.1 billion Swiss francs as of December 31.

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Bank Frick with headquarters in Balzers has reported increased profit for 2023 amounting to 13.5 million Swiss francs. According to the press release, this was 6.9 percent above budget expectations. The profit was 31.8 percent higher than the previous year.

Edi Wögerer, CEO of Bank Frick, which is also active in the field of blockchain banking, commented: «All four business segments contributed to the strong annual results. Interest in blockchain technology and assets is also growing steadily in the traditional financial sector.» He went on to add: «What’s more, our growth strategy has been fully vindicated.» The bank’s 25th anniversary year of 2023 was shaped by geopolitical unrest and turbulent fluctuations on the financial markets. However, budgets were exceeded in all business areas.

Wögerer further stated: «It remains difficult to predict how the global economy will perform in 2024, and hence also how business will be for Bank Frick. We expect that our result for 2024 will come in at a level similar to that of the previous year.»

Regarding individual business areas, the annual report states that net income from commission and service transactions decreased to 24.5 million Swiss francs in 2023 following a level of 32.4 million in 2022. This was around 18 percent lower than the budgeted result. Trading activities grew by 14.8 million to reach 30.6 million Swiss francs. Net interest income  amounted to 47.0 million Swiss francs, which was around 20 million Swiss francs or 74 percent higher than the previous period’s figure of 27 million.

As of December 31, 2023, client assets under management amounted to 4.1 billion Swiss francs, which corresponds to an increase of 2.39 percent versus 2022. ce/gba