VP Bank warns on profit, cites declining interest rates
ZURICH, June 18
ZURICH, June 18 (Reuters) - VP Bank 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)
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