Segment reporting
Structure
External segment reporting reflects the organisational structure of VP Bank Group as of 31 December 2022 and as well as internal reporting to management. These form the basis for assessing the financial performance of the segments and the allocation of resources to them.
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 grouped 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 2022 | ||||
in CHF 1,000 | Intermediaries & | Client | Corporate | Total |
|---|---|---|---|---|
Total net interest income | 119,485 | 2,453 | –445 | 121,493 |
Total net income from commission | 117,770 | 28,921 | –7,110 | 139,581 |
Income from trading activities | 31,436 | 2,728 | 31,343 | 65,507 |
Income from financial instruments | 0 | 2,742 | 6,620 | 9,362 |
Other income | –318 | 32 | 704 | 418 |
Total operating income | 268,374 | 36,876 | 31,111 | 336,361 |
Personnel expenses | 70,669 | 13,328 | 89,647 | 173,644 |
General and administrative expenses | 11,057 | 6,551 | 59,023 | 76,631 |
Depreciation of property, equipment and intangible assets | 7,342 | 568 | 33,059 | 40,969 |
Credit loss expenses | –2,400 | –16 | –6 | –2,421 |
Provisions and losses | 2,036 | 338 | –26 | 2,348 |
Services to/from other segments | 60,128 | 3,467 | –63,595 | 0 |
Operating expenses | 148,832 | 24,236 | 118,103 | 291,171 |
Earnings before income tax | 119,542 | 12,640 | –86,992 | 45,190 |
Taxes on income |
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| 5,030 |
Group net income |
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| 40,160 |
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Segment assets (in CHF million) | 5,722 | 37 | 6,872 | 12,631 |
Segment liabilities (in CHF million) | 9,941 | 660 | 928 | 11,529 |
Client assets under management (in CHF billion)1 | 34.8 | 11.7 | 0.0 | 46.4 |
Net new money (in CHF billion) | –0.5 | 1.5 | 0.0 | 1.1 |
Headcount (number of employees) | 377 | 84 | 550 | 1,011 |
Headcount (expressed as full-time equivalents) | 349.9 | 78.8 | 506.3 | 935.0 |
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The netting of costs and earnings between the business units takes place on the basis of specific transfer prices. The transfer prices between the segments are reviewed annually and adjusted to reflect economic conditions. | ||||
- 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 2021 | ||||
in CHF 1,000 | Intermediaries & | Client | Corporate | Total |
|---|---|---|---|---|
Total net interest income | 96,461 | 516 | 13,012 | 109,989 |
Total net income from commission | 133,653 | 32,132 | –9,310 | 156,475 |
Income from trading activities | 31,721 | 2,401 | 15,884 | 50,006 |
Income from financial instruments1 | 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 |
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| 7,117 |
Group net income |
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| 50,638 |
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Segment assets (in CHF million)1 | 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)2 | 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 |
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The netting of costs and earnings between the business units takes place on the basis of specific transfer prices. The transfer prices between the segments are reviewed annually and adjusted to reflect economic conditions. | ||||
- Due to internal reorganisation, defined financial instruments with the associated income from financial investments are transferred from Corporate Center to Client Solutions.
- Calculation in accordance with Table P of the Guidelines to the Liechtenstein Banking Ordinance issued by the Government of Liechtenstein (FL-BankO).