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VP Bank reported a significant decline in net profit for 2024, dropping to CHF 18.5 million from CHF 44.2 million the previous year, impacted by restructuring costs. Despite a 9.5% increase in client assets to CHF 50.7 billion, the bank's operating income fell by 9.3% to CHF 330.5 million, leading to a proposed lower dividend of CHF 4.00 per share. The bank is implementing efficiency measures and targeted growth initiatives while reducing its workforce by 6.1% to 945 positions.
VP Bank is implementing drastic cost-cutting measures, including layoffs and the cancellation of executive bonuses, following a 58% drop in group profit for 2024. The bank aims to enhance revenue in 2025 by focusing on its core regions and launching growth initiatives, while also addressing the cleanup of customer relationships linked to Russia. Two new board members, Stephan Ochsner and Barbara Ofner, will be proposed at the upcoming General Meeting.
Barbara Ofner
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VP Bank reports profit decline and plans growth initiatives amid restructuring
18:08 14.03.2025
vp bank outlines recovery plan after significant profit decline in 2024
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Barbara Ofner
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03:21 14.03.2025
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