Press release 2023 semi-annual report
Bank Frick generated a net profit of CHF 7.2 million in the first half of 2023 and thus built on the success of the prior financial year. The marked increase in profit, coupled with solid utilisation and good capitalisation, provides us with encouragement for the second half of the year. We therefore anticipate an annual profit in the region of CHF 13 million for 2023.
“During the first half of 2023 we once again confirmed our successful growth strategy. Our four business areas have been contributing collectively to our success, resulting in a net profit of CHF 7.2 million. This has put us on a highly promising path towards outperforming our targets for the 2023 financial year. 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,” comments Bank Frick CEO Edi Wögerer.
The current economic situation is demanding, especially in the banking industry. However, thanks to the positive effects of higher interest rates we can look to the second half of the year with optimism. We see sustainable growth potential despite the inflationary pressure. “Our focus lies on responding flexibly to changing market conditions and, in keeping with the style of Bank Frick, finding innovative solutions. We will overcome these hurdles and achieve positive results,” Wögerer continues.
Income summary
Our balance sheet total amounted to CHF 2,295 million as at the reporting date of 30 June 2023 and is very strong and liquid. Bank Frick has a very broad equity capital base. Net interest income of CHF 23.8 million was much higher than we had anticipated.
Client assets under management amounted to CHF 3,850 million as at 30 June 2023, a decrease of CHF 151 million (–3.77 %) compared to 31 December 2022 (CHF 4.0 billion). This decline can primarily be attributed to negative market developments and rising inflation.
Outlook for the second half of 2023
“We are pursuing our goals in a systematic fashion and the half-year result confirms that we are on the right track. We are very satisfied with the generated net profit of CHF 7.2 million. This result confirms that the investments we have made in the future over recent years were correct. Based on our starting position as we enter the second half of 2023, we are adjusting our expectations for the current financial year and anticipate a net profit of CHF 13 million,” says Bank Frick CEO Edi Wögerer.
“We are celebrating or 25th anniversary this year. We will celebrate this in a fitting manner with our around 220 employees. This will be a token of our gratitude for the past 25 years and a prelude to a promising future, which was discussed and planned in detail in an intensive alignment process in 2022,” Wögerer concludes.
The semi-annual report of Bank Frick is available online at www.bankfrick.li
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 220 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.
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