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Financial services

LLB Group reports record growth

25 Feb 2022
Vaduz - The LLB Group has set a new record of more than 25 percent for year-on-year growth in Group net profit to just under 138 million Swiss francs. For the first time in its history, the business volume of the LLB Group broke through the benchmark of 100 billion Swiss francs. In terms of client assets under management, a value of nearly 92 billion Swiss francs was recorded.

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According to a press release issued by the LLB Group, the Vaduz-based banking group generated a record business volume of 105.7 billion Swiss francs. In the previous year, a business volume of 92.9 billion Swiss francs was recorded.

This strong growth is also reflected in Group net profit, the LLB writes in the press release. In specific terms, the banking group, which is majority owned by the Principality of Liechtenstein, saw a 25.5 percent increase in Group net profit versus financial year 2020 to 137.9 million Swiss francs. According to LLB, this is the best result for more than ten years.

“This extremely good result reflects our dynamic growth, the improved quality of our earnings and our strict cost management”, explains Gabriel Brenna, LLB Group CEO, in the press release. He adds: “Consequently, once again in 2021 we have proven that the LLB Group can grow organically, sustainably and profitably”.

Operating income at the internationally active banking group rose by 10.7 percent to 476.4 million Swiss francs in financial year 2021. A particularly impressive growth was recorded for the fee and commission business, the press release states. In terms of the interest business, earnings were on a par with the prior year despite margin pressure.

The banking group also reported growth in the area of client deposits. For example, client assets under management at the LLB Group increased in the reporting year from 79.7 billion Swiss francs to 91.9 billion Swiss francs. As such, a net new money inflow of 7.2 million Swiss francs was generated.