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Financial services

LLB Group surpasses 100 billion mark

24 Aug 2021
Vaduz – The business volume of the LLB Group exceeded 100 billion Swiss francs for the first time in the first half of 2021. At just over 71 million Swiss francs, the bank recorded its best half-year result for Group net profit of the past decade. Client assets under management also increased significantly in the half year under review.

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According to a press release issued by the LLB Group, the Vaduz-based banking group realized a record-high business volume totaling 101.9 billion Swiss francs. In comparison with the first six months of 2020, this equates to growth of 9.7 percent. “This clearly shows that the quality of our services coupled with our high levels of stability and security are genuinely appreciated by our clients”, explains Gabriel Brenna, Group CEO, in the press release.

Operating income at the banking group, which is majority-owned by the Principality of Liechtenstein, rose by 10.2 percent year on year to stand at 231.8 million Swiss francs. According to the press release, the fee and commission business made an impressive contribution to this result. Moreover, growth was recorded in net interest income despite the pressure on margins.

In terms of operating expenses, the LLB Group posted a value of 150.7 million Swiss francs, which equates to a rise of 5.3 percent versus the first six months of the previous year. The cost-income ratio also improved year on year, falling from 65.5 percent to 65.1 percent. At the same time, Group net profit increased by 18.2 percent to 71.1 million Swiss francs, which corresponds to the best value for this balance sheet item in the past decade, LLB writes in the press release.

Growth was also recorded for client assets under management. In specific terms, this balance sheet item rose at Group level from 79.7 billion to 88.3 billion Swiss francs in the half year under review. In so doing, net new money of 2.7 billion Swiss francs was generated by the LLB Group.