LLB continues its growth
In 2018, the Liechtensteinische Landesbank (LLB) recorded its highest net new money inflows in years. Acquisitions also boosted growth, but net profit was down.
The LLB Group posted net new money inflow of 1.3 billion Swiss francs for the last financial year. This is the highest figure since 2010. As a result, and coupled with the acquisition of Austria’s Semper Constantia Privatbank, client assets under management stood at 67.3 billion francs, therefore equating to growth of 33.9 percent.
However, LLB's net profit was down 23.5 percent in 2018 to 85.1 million francs. The Bank reports that this is due to market effects and integration costs. Nonetheless, the Board of Directors is proposing an increase of 5 percent in the dividend to 2.10 francs per share.
“In the 2018 business year the LLB Group continued to grow, both organically and through acquisitions,” commented Georg Wohlwend, Chairman of the Board of Directors, in an LLB press release. The integration of LB (Swiss) Investment AG and merger of Semper Constantia Privatbank AG with LLB Österreich to become the new Liechtensteinische Landesbank (Österreich) AG were successfully completed. “Consequently, we are now not only the longest established universal bank in Liechtenstein and the largest regional bank in eastern Switzerland, but also the leading asset management bank in Austria,” said Georg Wohlwend.