In the first half of 2020, the LLB Group generated Group net profit on a par with the previous year. Declining interest income was offset by growth in the trading business. Moreover, a net new money inflow totaling 1 billion Swiss francs was realized.

According to a press release issued by the LLB Group, the Vaduz-based banking group generated operating income of 210.4 million Swiss francs in the first half of 2020. On a year-on-year basis, this equates to a decline of 5.9 percent.
The LLB Group stated in the press release that earnings in the service and commission business remained stable at the previous year’s level. Net trading income increased from 26.8 million Swiss francs in the first half of 2019 to a total of 46.5 million Swiss francs for the first six months of 2020. Net interest income fell by -4.6 percent to 78.8 million Swiss francs.
In a year-on-year comparison, earnings were offset by expenses of 143.1 million Swiss francs, although this was down from 152.2 million Swiss francs. The cost-income ratio improved from 69.7 percent to 65.5 percent.
All in all, Group net profit of 60.2 million Swiss francs was realized, in comparison with 61.1 million Swiss francs in the same period of the previous year. “For the LLB Group too, the first half year of 2020 was marked by the challenges posed by the Covid-19 pandemic”, comments Georg Wohlwend, Chairman of the Board of Directors, in the press release, before adding: “In spite of this difficult operating environment, we achieved a good business result”.
In terms of client assets, the LLB Group posted a net new money inflow in the amount of 1.0 billion Swiss francs in the first half-year reporting period for 2020. Client assets under management overall did, however, decline by 3.7 percent in comparison with year-end 2019 to 73.5 billion Swiss francs, due to the negative market developments.

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