Annual Report & Press Release 2021

BENDURA BANK AG's client assets under management reach a high of CHF 4.1 billion due to a positive inflow of new money and a favourable market development, which is 9.9% higher than the value as per 31.12.2020.

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Annual Report 2021

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Press Release

BENDURA BANK AG significantly increases annual result

Gamprin-Bendern, 31. March 2022. BENDURA BANK AG’s client assets under management reach a high of CHF 4.1 billion due to a positive inflow of new money and a favourable market development, which is 9.9% higher than the value as per 31.12.2020. Profit after tax for the financial year 2021 amounts to CHF 5.1 million (previous year: CHF 1.1 million). Thanks to a sustainable and profitable business model, BENDURA BANK AG continues to have a solid financial base and a healthy liquidity situation.

The recovery of economic growth has had a positive impact on the annual result of BENDURA BANK AG. Client assets under management increased by CHF 364.5 million at the end of 2021, reaching a high of CHF 4,050.2 million as of 31.12.2021. At CHF 5.1 million, the annual profit for 2021 is significantly above the level of the previous year (CHF 1.1 million). At CHF 39.0 million, the gross income is almost at the previous year’s level (-2.3%).

In the interest business, the bank continues to be confronted with negative interest rates in CHF and EUR. Despite a further increase in the credit volume, the income from the interest business fell again from CHF 15.5 million in the previous year to CHF 11.0 million. In the past financial year, a dividend payment of CHF 0.3 million was made by the former subsidiary BENDURA FUND MANAGEMENT ALPHA AG, which is included in the income statement under the item “Current income from securities”. Income from commission and service fee activities amounted to CHF 23.0 million, an increase of 10.2% over the previous year (CHF 20.9 million). Earnings from financial transactions amount to CHF 3.8 million and are thus about CHF 1.0 million higher than the previous year’s result. Operating expenses amounted to CHF 30.8 million in the year under review, down 2.2% from the previous year (CHF 31.5 million). While operating expenses remained at the previous year’s level, personnel costs fell slightly due to the lower number of employees.

The balance sheet total amounts to CHF 1,627.3 million and is thus CHF 86.7 million lower than the balance sheet total of the financial year 2020 (CHF 1,714.0 million). Receivables from clients increased from CHF 281.6 million to CHF 360.7 million at the end of 2021. This is largely the result of the increase in the mortgage loan volume. The growth of CHF 364.5 million in client assets under management is composed of a pleasing net new money inflow of CHF +81.6 million and performance-related asset changes of CHF +282.9 million.

The positive business result in 2021 will enable the bank to strengthen its equity by CHF 2.5 million after the planned distribution of profits. The total capital ratio of BENDURA BANK AG will be around 21.4% at the end of 2021 (previous year 22.0%).

Outlook 2022

The annual result for 2021 is fully in line with the targets set. “If we had to reduce the focus in the financial year 2022 to just one word, it would undoubtedly be “growth”. While the spatial resources for this have been created with the opening of our extension building in summer 2021 and the opening of a parking garage at the headquarters in spring 2022, the corresponding expansion of our market presence is taking place in parallel,” says CEO Dr Peter Krenn. The fact that BENDURA BANK AG reached new all-time highs in client assets under management in the past financial year should by no means tempt it to rest on its laurels, but rather encourage it to grow further.

BENDURA BANK AG in a nutshell

BENDURA BANK AG, which is fully licensed in Liechtenstein and has a representative office in Hong Kong, offers wealthy entrepreneurial families and high net worth individuals tailor-made financial services such as asset management, investment advice and securities issuance as well as the set-up and administration of investment funds. The relationship managers are organised in 20 different language regions. The company is a subsidiary of Citychamp Watch & Jewellery Group Ltd, a luxury goods group listed on the Hong Kong Stock Exchange.

Your contact person

Dr. Markus FEDERSPIEL, Mag.

CEO

Sprachen: German, English, Italian

Mag. rer.soc.oec. and Dr. phil. from the University of Innsbruck with studies abroad in Great Britain and Russia. Since successfully completing his doctorate in economic policy in 2008, he has been working for BENDURA BANK AG. Initially as Head Private Banking Italy and from 2013 as Head Institutional Clients. Appointed to the Executive Board in 2019 and appointed Chief Customer Officer (CCO). In October 2022, Markus Federspiel was appointed Chief Executive Officer (CEO). In this role, he is responsible for overall bank management as well as the Market and Sales divisions. At the same time, Markus Federspiel heads the leading front teams as well as the Human Resources, Marketing and Office Management departments. Markus Federspiel has been a guest lecturer at the Leopold Franzens University in Innsbruck (Austria) for many years and is also a member of the expert commission at the University of Liechtenstein. In addition, he represents BENDURA BANK AG in numerous international networks such as BAFIT, ITC and IPG International.

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