VP Bank said it was focused on “significantly” cutting costs, warning that net profit fell 50% in the first four months of the year due to lower interest income.
The Liechtenstein private bank said it would take efficiency measures to reduce its cost base in the long term and simplify its business.
He blamed customers moving money from current accounts to higher-rate term deposits for his profits halving compared with the same period last year. VP Bank reported net new cash flows were 1% year over year and operating expenses “decreased slightly” over the same period.