Bank Frick is scaling back. The Liechtenstein private bank reported a net profit of 5.5 million Swiss francs for the first half of the year, a notable decrease from the 7.2 million francs recorded during the same period last year.

Net Interest Income Significantly Below Last Year

The bank attributes the decline mainly to increased interest rate sensitivity among its clients. Net interest income totaled to 21 million francs, which is nearly 3 million francs lower than the level recorded in the previous year.

Additionally, high investments in personnel and infrastructure impacted business performance. Personnel expenses rose to 23.9 million francs, up from 19.7 million francs in the previous year.

Optimistic Outlook for the Second Half of the Year

As of the end of June, the bank's balance sheet total reached CHF 2.5 billion. Customer assets under management rose significantly to CHF 5.25 billion, marking an increase of CHF 1.13 billion (+27.57%) compared to CHF 4.1 billion at the close of last year.

CEO Edi Wögerer described the current economic environment as challenging but remains optimistic about the second half of the year, expecting a net profit of just under 12 million francs for the full year.