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Swissfirst boosts profits and stake

Swissfirst is taking a bigger stake in Bank Wegelin (Liechtenstein).

(Bank Wegelin)

Swissfirst boosted first-half net profit 30 per cent at SFr27.7 million ($16.2 million) thanks to higher commission income and lower costs.

"Based on what we know, very good results can be expected and Swissfirst's growth targets should be able to be attained," Swissfirst said in its outlook for the full year.

The Swiss financial services group said on Thursday it had also increased its stake in Bank Wengelin (Liechtenstein) by 27.5 per cent to 52.5 per cent by buying stock worth SFr13 million from St Gallen-based private bank Wegelin and Co and other shareholders.

swissinfo with agencies


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