Preliminary information: VP Bank increases its annual profit in 2017

A very pleasing operating performance was recorded during the 2017 financial year, leading to significantly higher Group net income of around CHF 66 million (previous year: CHF 58 million). This also takes account of the one-time provision of CHF 10.9 million, which was recognised and communicated during the first half of 2017 in light of the agreement with the authorities in North Rhine-Westphalia relating to the issue of untaxed assets belonging to German clients. A further one-off effect, resulting from the adjustment of the pension fund conversion rate, led to a reduction in personnel expense, which had a positive impact on the 2017 annual results. Overall, Group net income in 2017 therefore increased by 13 per cent relative to the previous year. The positive development seen in net new money during the first half of 2017 also continued during the second half of the year.

General information

These are unaudited figures. The annual results for 2017 and the annual report will be published as planned on 6 March 2018. No further information on the Group's business performance will be released until then.