LLB Group increases net profit
The Liechtensteinische Landesbank (LLB) expects to achieve a significantly higher net profit in the first half of 2019 compared with the same period in the previous year. Recent acquisitions are contributing to the positive results.
According to preliminary information from the LLB Group, the bank achieved operating income in the amount of 224 million Swiss francs in the first half of 2019, a considerable increase over the 183.5 million francs achieved in the first half of 2018. Operating expenses rose from 128.3 million to 152 million in the same period. The business volume at the end of the first half of 2019 grew by 5.5 billion francs to reach 85.6 billion.
All in all, the LLB Group expects to achieve an interim net profit of 61 million francs. This represents an increase of 33 per cent compared with 45.8 million in the previous year. The Principality of Liechtenstein holds the majority of the share capital in the LLB Group.
According to the LLB Group, the recent acquisitions of Semper Constantia Privatbank AG in Austria and LB (Swiss) Investment Ltd. in Switzerland both had a positive impact on the interim results.
The figures in the preliminary information are still unaudited, and the LLB Group will publish its consolidated interim financial report with detailed information on August 27, 2019.