Half-year result: Continuous growth by Bank Frick – despite uncertainties about the global economy
In the first half of 2022, Bank Frick generated a net profit of CHF 5.1 million, with all strategic business segments contributing to this positive result. Despite the currently prevailing uncertainty stemming from the unstable economic situation, Bank Frick succeeded in increasing its profit compared with the first half of 2021. For 2022, the Bank therefore expects an annual profit in the order of CHF 8 million.
Bank Frick looks back on a positive first half of 2022. The success is mainly attributable to the investments that were made in 2021 to reorganise and optimise the strategic business segments. The net profit of CHF 5.1 million that resulted from this exceeded expectations. “We are very satisfied with the generated net profit of CHF 5.1 million. The result confirms that we are in a very stable position as a bank and that our investments in staff, infrastructure and IT, as well as the development of our regulatory expertise, are paying off. We are particularly pleased that all strategic business segments made a lasting contribution to this success,” says Edi Wögerer, CEO of Bank Frick.
Slight drop in client assets under management
As at the reporting date, client assets under management amounted to CHF 4,051 million, a decrease of CHF 0.3 billion (–7%) compared with 31 December 2021 (CHF 4,369 million). The decline can largely be explained by negative market trends. New business in all business segments compensated well for the in some cases substantial price declines in this reporting period.
Expansion of crypto assets for which trading and custodian services are available
In order to remain competitive, Bank Frick expanded its range of tradable and custodial cryptocurrencies. The Bank now offers financial intermediaries and professional clients the option of trading in and secure custody of Cardano (ADA), Polkadot (DOT) and Tezos (XTZ) coins. “The offer is aimed in particular at institutional clients and crypto investors. With the expansion, we offer our clients an additional option for diversifying their portfolios,” explains Wögerer.
Outlook for the second half of 2022
For Bank Frick, the second half of the year will also be marked by growth. “We are striving for continuous growth in our four strategic business segments. The clearly defined goal is to constantly acquire new and high-quality clients in order to ensure qualitative growth throughout the Bank,” says Wögerer. Notwithstanding the very promising result in the first half of the year, Wögerer notes that challenges will need to be overcome going forward: “Various regulatory projects and the expansion of our digital interaction with clients will continue to keep us busy in the second half of the year. We will therefore continue to invest in our technical infrastructure and regulatory expertise.”
Despite a future fraught with uncertainty about the direction of the world economy, the war in Ukraine and the coronavirus pandemic, Bank Frick continues to expect a net profit of CHF 8 million in the current financial year.
About Bank Frick
Bank Frick specialises in banking for professional clients. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.
Bank Frick has been family-run since its foundation as a licensed universal bank in 1998, and it adopts an entrepreneurial approach. Today the Bank is entirely owned by the Kuno Frick Family Foundation (KFS). The Bank employs over 190 members of staff at its Balzers office and operates a branch in London, UK.
Bank Frick is one of Europe’s pioneers of the regulated blockchain banking sector. The offering covers trading and custody of crypto assets and token sales. The Bank also develops tailored crypto-structuring solutions for intermediaries.
In addition to its highly regarded basic services, Bank Frick’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Bank Frick develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank.
Bank Frick is the only Liechtenstein bank with acquiring licences from Visa and MasterCard, and it can process card payments globally for payment service providers and their online merchants.
Related Articles
Press release 2023 semi-annual report
Bank Frick generated a net profit of CHF 7.2 million in the first half of 2023 and thus built on the success of the prior financial year. The marked increase in profit, coupled with solid utilisation and good capitalisation, provides us with encouragement for the second half of the year. We therefore anticipate an annual profit in the region of CHF 13 million for 2023.
Bank Frick is now offering staking as a service for digital assets
Bank Frick is launching staking as a new service. Staking enables clients to generate passive income by holding their cryptocurrency. Staking also contributes to the stability of networks. As a fully regulated bank, Bank Frick guarantees continuity of business at all times and full control of funds. Initially, the cryptocurrencies Tezos (XTZ) and Polkadot (DOT) will be offered.
Bank Frick expands its range of crypto assets and now offers trading and custodian services for Cardano, Polkadot and Tezos
Europe’s blockchain pioneer has expanded the range of cryptocurrencies for which it offers trading and custodian services. Bank Frick now offers financial intermediaries and professional clients the option of trading in and secure custody of Cardano (ADA), Polkadot (DOT) and Tezos (XTZ) coins. Trading takes place within the fully regulated environment of the Bank.
Marianne Müller new on the Board of Directors
The Board of Directors (BoD) of Bank Frick has appointed Marianne Müller as a new member of the Board of Directors effective 1 May 2022. She brings with her great expertise in the areas of regulatory affairs, compliance and financial market supervision.
Annual Report Bank Frick 2021: Annual profit more than doubled
Bank Frick closes 2021 with an excellent annual profit of CHF 9.8 million. Net income increased again and client assets under management also grew in the reporting period. All the business segments contributed to the strong annual result. In order to further improve service to clients and be prepared for the future, resources were created and the front departments reorganised.
Half-year results of Bank Frick: Budgeted annual result of CHF 3.1 million already achieved
Bank Frick generated a net profit of CHF 3.1 million in the first half-year. All strategic business segments contributed to this long-term result. For 2021, the Bank therefore expects an annual profit in the order of CHF 5 million. Thanks to the successful reorganisation initiative of the departments involving direct client contact, we have been able to pay even closer attention to the client experience.
Bank Frick processes donations in the form of cryptocurrencies
Bank Frick now processes donations in the form of cryptocurrencies for the Swiss section of the human rights organisation Amnesty International (Amnesty Switzerland). Bank Frick has developed a set-up that enables the reliable, regulatory compliant and secure acceptance of crypto donations. This model is suitable for all NGOs to carefully check the origin of crypto donations.
Strategy takes hold, with a steady increase in net income
Despite challenging circumstances, Bank Frick generated a net profit of some CHF 4.4 million. The years-long trend of continuously increasing income was confirmed in all business areas, and the growth in expenses has flattened out. Thanks to the successful strategic orientation of the entrepreneurial Bank, net income has doubled to some CHF 40.0 million in just five years.
Semi-annual results: Bank Frick defies the coronavirus pandemic
The first half of 2020 at Bank Frick was dominated by the global coronavirus pandemic. Despite the prevailing uncertainty and high volatility on the financial markets and the unstable economic situation, the Bank generated a net profit of CHF 1.8 million. Because of the pandemic, Bank Frick cannot rule out the occurrence of credit defaults. In keeping with the principle of prudence, the Bank will create provisions accordingly. As such, Bank Frick anticipates a net income in the range of CHF 1.0 to CHF 2.0 million.
Bank Frick adds first stablecoin to its range of tradable and custodial crypto assets with USDC
Europe's leading blockchain bank is adding a stablecoin to its range of tradable and custodial crypto currencies for the first time. With immediate effect, Bank Frick offers professional market participants and wealthy private clients the trading and safekeeping of the USD Coin (USDC). Trading takes place within the fully regulated environment of the bank.