Half-Year Results 2021
BENDURA BANK AG presents the half-year results as at 30 June 2021.
Half-Year Results 2021
DownloadBENDURA BANK AG’s assets under management reach all-time high
Gamprin-Bendern, 31 August 2021. BENDURA BANK AG’s assets under management reached an all-time high of CHF 4.3 billion at the end of the first half of 2021 as a result of very pleasing net new money growth of CHF 260.3 million and positive market developments, 17% above the figure as at 31 December 2020. Profit after tax for the first half of 2021 amounts to CHF 2.5 million (previous year’s period: CHF 2.7 million). Thanks to a sustainable and profitable business model, BENDURA BANK AG continues to have solid financial resources and a healthy liquidity situation.
The recovery of economic growth had a positive impact on the half-year result of BENDURA BANK AG. Assets under management increased by CHF 614.7 million compared to year-end 2020, reaching an all-time high of CHF 4,300.4 million as of 30 June 2021. At CHF 2.5 million, the 2021 half-year profit is slightly below the level of the previous year’s period (CHF 2.7 million). The continued negative interest rate environment in the CHF and EUR as well as the persistently low interest rate environment in the USD are the main drivers for this despite the successful expansion of the interest differential business.
For the reasons described above, net interest income declined from CHF 9.3 million in the previous year’s period to CHF 5.3 million. Due to higher assets under management, net commission and fee income amounted to CHF 11.7 million and was 7% higher than in the previous year’s period (CHF 11.0 million). Income from financial transactions amounted to CHF 1.7 million and was about CHF 1.2 million lower than in the same period of the previous year. The reason for this is a significant negative valuation adjustment of a fund in liquidation held in the trading portfolio. Business expenses amounted to CHF 15.3 million in the half-year period and were reduced by 5% compared to the previous year (CHF 16.1 million) despite the continuing increase in regulatory requirements. This is primarily due to the efforts to cut costs, as a result of which business expenses were reduced by a remarkable 11% compared to the previous year’s period.
Total assets amount to CHF 1,920.8 million and are thus CHF 206.8 million higher than total assets at the end of 2020 (CHF 1,714.0 million). Regardless of the external influences, BENDURA BANK succeeded in increasing its collateralised client loans by 20% in the reference period and thus achieved its ambitious goals. The total capital ratio of BENDURA BANK AG is around 20.5% (previous year’s period 21.7%) and remains at a stable and above-average level. Liquidity also remains at a remarkable level: the high liquidity holdings make it possible for the bank to more than clearly exceed the liquidity coverage ratio of 193% as of 30 June 2021 (previous year’s period: 203%).
Outlook second half of 2021
The 2021 half-year result is fully in line with the targets set. CEO Dr. Peter Krenn is very satisfied: “The inflow of net new money is the greatest confidence testimony of our clients and an excellent performance record of our staff. We continue to expect a pleasant growth in net new money. Although the interest rate situation remains challenging, the further expansion of the interest differential business as well as the set focus on the investment and asset management business will keep the earnings situation above all sustainable and stable”. BENDURA BANK AG will already move into its extension building in Bendern in September 2021 with an investment volume of approximately CHF 40 million. Thus, the group will meet the requirements for spatial resources and the long-term growth strategy.
BENDURA BANK AG in a nutshell
BENDURA BANK AG, a fully licensed bank in Liechtenstein with a representative office in Hong Kong, offers wealthy entrepreneurial families and high net worth individuals tailor-made financial services such as asset management, investment advisory and securities issuance as well as the launch and administration of investment funds. The advisory groups 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.