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LLB Group increases net profit

24 Aug 2022
Vaduz - In the first half of 2022, the LLB Group increased its group net profit despite contraction in the business volume. Group net profit rose by 6.8 per cent over the previous year to just under 76 million Swiss francs. Net new money inflow amounted to 2.5 billion francs.

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The LLB Group achieved a business volume of 98.4 billion Swiss francs in the first half of 2022, according to a statement from the Vaduz banking group. In the previous year, the figure was 101.9 billion Swiss francs. Operating income for the banking group, of which the majority of the share capital is held by the Principality of Liechtenstein, rose from 231.8 million to 241.9 million francs in the same period. Group net profit increased to 75.9 million francs.

In the reporting year, net new money inflow for the LLB Group totalled 2.5 billion francs, but on account of “substantial market corrections”, client assets under management decreased by 8.4 per cent to 84.2 billion francs, writes the statement. For the rest of the year, the banking group expects the market to remain challenging due to the tense geopolitical situation, rising inflation and fears of an economic recession.

"In the first six months of this year, we have again proven that we can master difficult business conditions and continue to grow successfully,” commented Group CEO Gabriel Brenna in the statement. He wants to “forge ahead with the positive development” of the LLB Group and expects to achieve “a solid result” for the full business year.

During the reporting half-year period, the LLB Group completed its acquisition of Bank Linth. It has expanded its equity stake in the Uznach-based bank to 99.9 per cent, according to the statement. As a next step, the LLB Group plans to delist Bank Linth from the Swiss exchange.