Liechtenstein’s VP Bank Group expects a significantly higher profit for 2017 compared to the previous year. And that's even after having forked out for past sins in Germany.

The positive operating performance throughout the 2017 financial year led to a significantly higher net of about 66 Swiss million (previous year: 58 million francs), the Vaduz-based bank announced.

This figure includes a one-time provision of 10.9 million francs booked and communicated in the first half of 2017 as a result of an agreement with the authorities of North Rhine-Westphalia in connection with untaxed assets of German customers.

New Money Inflows

Overall, consolidated net income in 2017 increased by about 13 percent compared to the previous year. The positive development of net new money in the first half of 2017 continued in the second half of the year, the bank said.