Performance over the first semester of 2017 was very positive. Therefore, assuming that market conditions remain unchanged, Group net income for the first half of 2017 is expected to exceed the prior-year level (CHF 24.4 million).
The agreement reached with the authorities in North Rhine-Westphalia represents a comprehensive solution to the issue of untaxed assets belonging to German clients and applies to all German federal states. It is intended to create transparency and legal certainty. The agreement comprises VP Bank Ltd and all its banking subsidiaries. The semi-annual results include provisions for this agreement amounting to EUR 9.9 million.
The results for the first half of 2017 and the semi-annual report will be published as planned on 22 August 2017. No further information on the Group’s business performance will be released until then.