Bank Frick posts increased net profit

Bank Frick generated net profit of 7.2 million Swiss francs in the first six months of 2023, as the bank for professional clients, which is fully owned by the Kuno Frick Family Foundation (KFS), writes in a press release covering its half-year results. In the same period of the previous year, Bank Frick, which is also active in the area of blockchain banking, posted net profit of 5.1 million Swiss francs. In the first half of 2023, all four business areas contributed to the growth in net profit generated by the bank, which is headquartered in Balzers and operates a branch in London.  

«During the first half of 2023 we once again confirmed our successful growth strategy», comments Edi Wögerer, Bank Frick CEO, in the press release. «The positive half-year result confirms the success of our investments in the growth strategy and shows that it was the right decision for us to focus on the four business segments», he concludes.

In Wögerer’s estimation, the bank looks set to exceed its previously defined targets for financial year 2023. In specific terms, the bank’s CEO now expects to achieve a net profit of 13 million Swiss francs for the full year. «Our focus lies on responding flexibly to changing market conditions and, in keeping with the style of Bank Frick, finding innovative solutions» Wögerer explains. 

Client assets under management at Bank Frick amounted to 3.85 billion Swiss francs as at the reporting date at the end of June. This reflects a decline of 151 million Swiss francs (-3.77 percent) in comparison with year-end 2022, which the bank primarily attributes to negative market developments and rising inflation. In contrast, net interest income of 23.8 million Swiss francs came in higher than Bank Frick had initially expected. ce/hs