Banking sector maintains growth course
Last year, the Liechtenstein banking sector recorded a further increase in total assets, equity and assets under management. Ordinary operating profit also increased when compared with the previous year. An additional 200 new jobs were created in the banking sector.
Drawing on the main findings of the Bank Statistics 2018 published by the Office for Statistics (AS), the aggregate balance sheet total of 14 banks in Liechtenstein amounted to 67.3 billion Swiss francs as at the end of 2018. When compared with the previous year, this corresponds to an increase of 2.3 percent. The equity of Liechtenstein’s banking sector increased by 3.1 percent over the same period to 6.5 billion francs. Staffing levels at Liechtenstein’s banks were up with 200 new jobs created to bring the total to 2,310 employees in full and part-time work.
Including its foreign subsidiaries, banks in Liechtenstein managed customer assets totaling 305.1 billion francs as at the end of 2018. The financial institutions therefore posted net new money inflows of 33.4 billion francs for 2018. Looking at those based only in Liechtenstein, assets under management as at the end of 2018 amounted to 159.0 billion francs. Domestically, the banking sector raised new money of 3.8 billion francs. For ordinary business activities excluding extraordinary items, Liechtenstein banks reported pre-tax operating profit of 390.3 million francs in 2018. When compared with 2017, this corresponds to growth of 17.6 percent.