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LLB Group posts best business results for more than a decade

27 Feb 2023
Vaduz - In the 2022 financial year, the LLB Group increased Group net profit by 8 percent year on year to just under 150 million Swiss francs. Operating income came in above 500 million Swiss francs for the first time ever. In the reporting year, the LLB Group also generated net new money totaling 3.6 million Swiss francs.

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The LLB Group generated operating income of 503.2 million Swiss francs in the 2022 financial year. In comparison with the previous year, this equates to growth of +5.6 percent. Moreover, it was the first time that the LLB Group exceeded the 500 million Swiss francs mark for this metric, further details of which can be found in a press release issued by the Vaduz-based banking group, which is majority owned by the principality of Liechtenstein.

Operating expenses at Group level increased at the same time by +4.9 percent to 328.2 million Swiss francs. The background to this development is the implementation of the ACT-26 corporate strategy. In the press release, the banking group mentions that this process included a «selective expansion of personnel» and investments in the digital transformation of the company in the year under review. Nevertheless, the cost-income ratio improved from 65.8 percent to 64.0 percent.

Overall, at 149.9 million Swiss francs, the LLB Group recorded its best result for Group net profit for more than ten years. Year on year, this equates to a rise of +8.4 percent. «The LLB Group’s business result testifies anew to our success in growing sustainably and profitably but also mindful of risk considerations», comments Group CEO Gabriel Brenna in the press release, before adding: «It also underlines the quality of our earnings, our cost discipline and the successful start of our new ACT-26 corporate strategy».

In the reporting year, the Group generated net new money in the amount of 3.6 million Swiss francs. However, as at year-end 2022, total client assets under administration at the LLB Group fell on account of currency effects and negative market developments to 83.9 billion Swiss francs, which represents a reduction of -8.7 percent versus year-end 2021. hs