Annual Report Bank Frick 2022: Annual profit breaks through the 10 million mark for the first time
Bank Frick closes 2022 with a record profit of CHF 10.3 million, breaking through the 10 million mark for the first time and increasing its annual profit by 4.5% compared to the previous year. Its growth strategy, combined with high investment in staff and infrastructure, has proven to be successful.
“All four business segments contributed to these excellent annual results. Interest in blockchain-based assets has also continued to grow in the traditional financial world. The topics of cryptocurrencies and blockchain have been increasing in the awareness among the general public. Moreover, our company's growth strategy, based on these four strategic business units, has been a resounding success”, says Mario Frick, Chairman of the Board of Directors of Bank Frick.
In general, 2022 was marked by geopolitical crises and a paradigm shift in monetary policy. Furthermore, 2022 was one of the worst years for the stock market in a long time. “We are therefore all the more pleased that we achieved this result, despite the very challenging market environment, and that we were able to exceed our budget targets across the board”, Frick continues.
Net income and income from commission and service transactions decreased minimally to CHF 32.4 million (2021: CHF 34.8 million), but is around 16% above budget.
Income from trading activities grew by CHF 4.5 million compared to the previous year, totalling CHF 15.7 million.
Net interest income totalled CHF 27.0 million, an increase of around CHF 9.4 million from the previous period (CHF 17.7 million). The drastic change from a negative interest rate environment to a high interest rate environment created additional opportunities for earning interest from other areas.
Client assets under management as of 31 December 2022, are CHF 4.0 billion, a decrease of CHF 0.4 billion or 8.4% compared to the previous period (2021: CHF 4.4 billion).
25 years of Bank Frick
Bank Frick celebrates its 25th anniversary in 2023. What began in the garage of an apartment building in 1998 has become an important player in the financial centre over the past 25 years. More than 200 employees put their efforts into serving our clients every day. We will celebrate the anniversary together with our employees in the second half of the year – as a mark of gratitude for the past 25 years and as a beginning to a future full of potential.
Outlook for 2023
“Global economic development is subject to many uncertainties. And so is Bank Frick's business performance. Nevertheless, we expect significantly better results in terms of interest income thanks to the reversal in interest rates. Together with the budgeted net new money, we forecast a net profit of CHF 12.6 million in this financial year”, says CEO of Bank Frick, Edi Wögerer.
“In 2023, we will continue to focus on our strengths, pursue our growth strategy with resolve and thus accomplish our plans and projects together with our employees. We are convinced that we will achieve our ambitious goals together as a team”, concludes Wögerer.
The Bank Frick annual report is available here.
About Bank Frick
Bank Frick specialises in banking for professional clients. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.
Bank Frick has been family-run since its foundation as a licensed universal bank in 1998, and it adopts an entrepreneurial approach. Today the Bank is entirely owned by the Kuno Frick Family Foundation (KFS). The Bank employs over 200 members of staff at its Balzers office and operates a branch in London, UK.
Bank Frick is one of Europe’s pioneers of the regulated blockchain banking sector. The offering covers trading and custody of crypto assets and token sales. The Bank also develops tailored crypto-structuring solutions for intermediaries.
In addition to its highly regarded basic services, Bank Frick’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Bank Frick develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank.
Bank Frick is the only Liechtenstein bank with acquiring licences from Visa and MasterCard, and it can process card payments globally for payment service providers and their online merchants.