The LLB Group has achieved growth in its operating income and net profit in the first half of 2019. This is in part due to positive contributions from the acquisitions made last year. Client assets of the Vaduz banking group also climbed to new record levels.

According to its press release, the LLB Group generated operating income of 223.7 million Swiss francs in the first half of 2019. When compared with the same period of the previous year, this represents growth of 20.1 percent for the Vaduz banking group. Year-on-year, interest income before expected credit loss increased by 5.8 million francs to 82.6 million francs. Net fee and commission income amounted to 99.0 million francs, which is a rise of 21.3 million francs on the first half of 2018. The acquisitions last year of Constantia Privatbank AG in Austria and LB (Swiss) Investment AG in Switzerland made positive contributions to the result. At 26.8 million francs, net trading income was 7.6 million francs down on the previous year’s value.

On the other side of the balance sheet, operating expenses rose by 16.1 percent in the reporting period to 152.2 million francs. The LLB Group consequently earned a net profit of 61.1 million francs, 33.3 percent higher than in the previous year. The cost-income-ratio also improved by 3.1 percentage points to 69.7 percent. The banking group’s client assets under management were up 7.8 percent on the end of 2018 to reach a record value of 72.6 billion francs.

“In the current challenging business environment, we are placing the focus on further increasing our profitability,” emphasized Group CEO Roland Matt. “Thanks to the growth we have achieved, we have put in place the essentials for this.”

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