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Financial services

Bank Frick exceeds its own expectations

24 Aug 2021
Balzers - Bank Frick has already achieved its full-year net profit target of 3.1 million Swiss francs as of the end of the first half of 2021. The bank is now targeting net profit of around 5 million Swiss francs for 2021 as a whole. In addition, Bank Frick will seek to create additional jobs.

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According to a press release issued by Bank Frick, the family-run bank from Balzers in Liechtenstein generated net profit of 3.1 million Swiss francs in the first half of 2021. This means that the target defined for the year as a whole has already been achieved, Bank Frick writes. The bank is now targeting an annual profit in the region of 5 million Swiss francs for 2021.

“We were able to further increase our number of clients and net income also grew in line with recent years”, comments Bank Frick CEO Edi Wögerer in the press release. He regards this impressive half-year result as “a clear sign that the implementation of our strategy, which is based on the traditional and blockchain-based world, has been a complete success”.

Client assets under management at the bank increased over the half-year reporting period by just over 1.2 billion Swiss francs to come in at a shade under 4.5 billion Swiss francs. In connection with this, net new money totaling 962 million Swiss francs was raised by Bank Frick. In addition, the bank benefited from the substantial volatility of the markets, particularly in the context of cryptocurrencies, the press release states.

Over recent months, the bank has moved to reorganize its departments with direct client contact, Bank Frick writes. In future, these are to be expanded further still with the addition of new staff. These organizational adjustments are aimed at enabling Bank Frick to lay the foundations “for continuing to develop new business models and products that are highly competitive in the international context”, Wögerer explains. In particular, the CEO is interested in developing “further ways to connect the traditional financial world with blockchain-based assets”.