Comments on the results of the three largest Liechtenstein banks
Yesterday, Monday, 18 March 2019, LGT was the last of the three major Liechtenstein banks to present its year-end figures for 2018. Overall, the results of the three largest banks, LGT, LLB, and VP Bank, show that the Liechtenstein banking sector remains very well positioned. 2018 was very challenging due to the ongoing low interest rate phase and the price slump on the world's stock exchanges in the last quarter. Nevertheless, all three banks were able to attract net new money. Assets under management reached new all-time highs, partly as a result of acquisitions, and show that Liechtenstein continues to be attractive as an asset management centre. The earnings side varied due to bank-specific priorities. LGT was able to increase its net profit, not least of all thanks to strict cost control, while the net result declined at the other two banks. The main reasons for this were higher costs, because further investments were made to lay cornerstones for future growth.