Advance information on the interim financial report 2018
Vaduz, 12 July 2018. The LLB Group continued its growth in the first half of 2018. It has successfully concluded its integration of LB(Swiss) Investment AG. At the beginning of July 2018, it acquired Semper Constantia Privatbank AG. For the first half of 2018, the LLB Group expects to achieve an interim net profit of about CHF 46 million (-24%). The net new money inflow amounted to CHF 1.1 billion.
The LLB Group expects an interim net profit of about CHF 46 million
The LLB Group is on track with the implementation of its StepUp2020 strategy. In the first half of 2018, both its organic growth and its growth through acquisitions continued. Announced in February 2018, the LLB Group's acquisition of LB(Swiss) Investment AG was implemented already six weeks later. At the beginning of July 2018, the takeover of Semper Constantia was also formally concluded. The organic development of net new money has been very positive, with an inflow of CHF 1.1 billion in the first half of 2018.
The development of the LLB Group's operating result continued to be very positive, with a higher level in the first half of 2018 than in the equivalent period of the previous year. Because of the valuation of interest rate swaps on the balance sheet date, the persistently low interest rate environment resulted in lower income from trading. The development of the interest rate and equity markets also resulted in book losses for financial investments as of the balance sheet date. Operating income was CHF 184 million (first half of 2017: CHF 189.7 million). Operating expenses amounted to CHF 128 million (first half of 2017: CHF 116.0 million). The LLB Group expects an interim net profit of about CHF 46 million compared with CHF 60.0 million in the previous year.
The business volume as of 30 June 2018 grew from CHF 62.3 billion at the end of 2017 to CHF 62.9 billion. Loans to customers grew from CHF 12.1 billion to CHF 12.4 billion in the first half of 2018, assets under management from CHF 50.3 billion to CHF 50.5 billion.
These figures have not yet been audited. The LLB Group will publish its consolidated interim financial report with the detailed information on 23 August 2018.
LLB Group portrait
The Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The Principality of Liechtenstein holds the majority of the company's share capital. The LLB's shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 1'086 employees (full-time equivalent positions), the LLB Group is represented in Liechtenstein, Switzerland, Austria, and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2018, the LLB Group managed a business volume of CHF 80.1 billion.
LLB Österreich portrait
With assets under management of more than EUR 21 billion and some 250 staff members, Liechtensteinische Landesbank (Österreich) AG is Austria’s leading wealth management bank. This independent full-service Austrian bank is also present in the CEE countries, in Italy and in Germany. As a fully-owned subsidiary of Liechtensteinische Landesbank AG (LLB), Vaduz, LLB Österreich benefits from the stability and top-grade rating of its owner and can rely on more than 150 years of experience of the bank with the richest tradition in the Principality of Liechtenstein. Since 2009, Austria has been one of LLB Group’s declared home markets, in addition to Liechtenstein and Switzerland.
LLB Group dates for your diary
- 3 May 2019, 27th Ordinary General Meeting of Shareholders
- 27 August 2019, 2019 Interim Financial Statements
- 12 March 2020, Presentation of the 2019 Annual Result