VP Bank warns on profit, cites declining interest rates

VP Bank AG

18/06/2014 06:57

ZURICH, June 18 (Reuters) - VP Bank  VPB.S  said on 
Wednesday that net profit for the first half of this year would 
be "significantly lower" than the prior-year period, citing 
declining interest rates. 
    "The declining interest rate environment in the first half 
of 2014 is putting pressure on the valuation of interest rate 
hedging transactions," the Liechtenstein-based bank said in a 
statement. 
    The bank, which posted consolidated net profit of 28.3 
million Swiss francs ($31.4 million) in the first half of last 
year, is due to report results for the first six months of 2014 
on Aug. 26. 
($1 = 0.9005 Swiss Francs) 
 
 (Reporting by Caroline Copley; Editing by Prateek Chatterjee) 
 ((Caroline.Copley@thomsonreuters.com)(+41 58 306 7354)(Reuters 
Messaging: caroline.copley.thomsonreuters.com@reuters.net)) 
 
Keywords: VPBANK/