LLB sees profitable growth
The LLB Group has achieved a record inflow of net new money of 4.1 billion Swiss francs for the 2019 financial year. At the same time, operating income increased much more than operating expenses compared with the previous year. Group net profit rose to 123.4 million Swiss francs.
According to a press release from the LLB Group, the banking group majority-owned by the Principality of Liechtenstein achieved record business volume of 89.3 billion Swiss francs in the 2019 financial year. The Liechtensteinische Landesbank states that client assets under management and loans to clients have grown by 11.4 percent compared with the previous year. Georg Wohlwend, Chairman of the Board of Directors, is quoted in the press release, saying: “Four years ago, we set our course with the StepUp2020 strategy. Our Group continues to grow profitably.”
This means that the LLB Group has been able to increase its profitability in 2019 versus the previous year. While operating income increased by 13.3 percent to 452.7 million Swiss francs, operating expenses only rose by 1.8 percent in total to 311.3 million Swiss francs. This means that the cost-to-income ratio was able to be decreased by 7.7 percentage points to 70.0 percent within the space of a year. Group net profit gained 44.9 percent versus 2018, standing at 123.4 million Swiss francs, which is the highest level for ten years.
Client assets under management amounted to 76.3 billion Swiss francs at the reporting date at the end of 2019. Compared with the previous year, this amounts to an increase of 13.4 percent. The LLB Group was able to raise 4.1 billion Swiss francs of net new money in the year under review. According to the press release, the banking group expects to achieve “further operative progress and a solid Group business result” in the current year.