Segment Reporting

Structure

The external segment reporting reflects the organisational structure of VP Bank Group as of 31 December 2021 and the internal reporting to management. These form the basis for assessing the financial performance of the segments and the allocation of resources to the segments.

VP Bank Group consists of the six organisational units “Intermediaries & Private Banking”, “Client Solutions”, “Chief Executive Officer”, “Chief Financial Officer”, “Chief Operating Officer” and “Chief Risk Officer”.

The four organisational units “Chief Executive Officer”, “Chief Financial Officer”, “Chief Operating Officer” and “Chief Risk Officer” are regrouped together under the business unit “Corporate Center” for segment reporting. 

Revenues and expenditures as well as assets and liabilities are allocated to the business units based on the responsibilities for the clients and the originator principle. Insofar as a direct allocation is not possible, the positions in question are reported under Corporate Center. Consolidation entries are also included under Corporate Center.

 

 

Business segment reporting 2021

in CHF 1,000

Intermediaries &
Private Banking

Client
Solutions

Corporate
Center

Total
Group

Total net interest income

96,461

516

13,012

109,989

Total net income from commission 
business and services

133,653

32,132

–9,310

156,475

Income from trading activities

31,721

2,401

15,884

50,006

Income from financial instruments

0

330

11,122

11,452

Other income

779

137

1,028

1,944

Total operating income

262,614

35,515

31,736

329,866

Personnel expenses

68,801

13,709

91,492

174,001

General and administrative expenses

8,003

6,155

48,204

62,362

Depreciation of property, equipment and intangible assets

6,255

588

29,540

36,383

Credit loss expenses

–1,637

–4

–8

–1,649

Provisions and losses

1,001

4

8

1,014

Services to/from other segments

58,398

2,952

–61,350

0

Operating expenses

140,820

23,404

107,887

272,111

Earnings before income tax

121,794

12,112

–76,151

57,755

Taxes on income

 

 

 

7,117

Group net income

 

 

 

50,638

 

 

 

 

 

Segment assets (in CHF million)

6,202

15

6,980

13,196

Segment liabilities (in CHF million)

10,809

832

469

12,111

Client assets under management (in CHF billion)1

39.6

11.6

0.0

51.3

Net new money (in CHF billion)

0.8

–0.5

0.0

0.3

Headcount (number of employees)

384

90

538

1,012

Headcount (expressed as full-time equivalents)

360.0

85.9

492.6

938.5

 

 

 

 

 

The recharging of costs and revenues between the business units takes place on the basis of internal transfer prices, actual recharges or prevailing market conditions. Recharged costs within the segments are subject to an annual review and are amended to reflect new economic conditions, where necessary.

  1. Calculation in accordance with Table P of the Guidelines to the Liechtenstein Banking Ordinance issued by the Government of Liechtenstein (FL-BankO).

 

Business segment reporting 2020

in CHF 1,000

Intermediaries &
Private Banking

Client
Solutions

Corporate
Center

Total
Group

Total net interest income

101,345

1,677

10,543

113,565

Total net income from commission 
business and services

119,353

31,254

–10,628

139,980

Income from trading activities

31,808

2,479

22,346

56,632

Income from financial instruments

0

0

7,900

7,900

Other income

32

323

615

970

Total operating income

252,538

35,733

30,776

319,047

Personnel expenses

64,303

10,960

86,854

162,117

General and administrative expenses

7,816

4,973

46,075

58,864

Depreciation of property, equipment and intangible assets

5,584

527

22,652

28,763

Credit loss expenses

19,416

–30

–27

19,359

Provisions and losses

393

4

3

400

Services to/from other segments

55,074

2,421

–57,495

0

Operating expenses

152,585

18,855

98,063

269,503

Earnings before income tax

99,953

16,878

–67,287

49,544

Taxes on income

 

 

 

7,922

Group net income

 

 

 

41,622

 

 

 

 

 

Segment assets (in CHF million)

6,213

65

7,245

13,523

Segment liabilities (in CHF million)

9,808

898

1,792

12,498

Client assets under management (in CHF billion)1

36.0

11.5

0.0

47.4

Net new money (in CHF billion)

0.8

0.5

0.0

1.4

Headcount (number of employees)

356

81

553

990

Headcount (expressed as full-time equivalents)

334.2

75.3

507.5

917.1

 

 

 

 

 

The recharging of costs and revenues between the business units takes place on the basis of internal transfer prices, actual recharges or prevailing market conditions. Recharged costs within the segments are subject to an annual review and are amended to reflect new economic conditions, where necessary.

  1. Calculation in accordance with Table P of the Guidelines to the Liechtenstein Banking Ordinance issued by the Government of Liechtenstein (FL-BankO).