Liechtensteinische Landesbank (LLB) Group, a private bank in the Principality of Liechtenstein, has just published its financial results for the first half of 2024.

In the first half of the year, the LLB Group net profits were up again by 1.7 per cent reaching SFr90.2 million ($107 million), compared with the same time last year. The group’s business volume also attained the SFr110-billion mark for the first time in the company’s history.

Higher net new money inflows and loans to clients as well as the positive performance on the financial markets were the main contributors to this growth, the firm said in a statement.

Loans to clients, particularly in mortgage lending business, rose to SFr15.6 billion; an increase of 4 per cent compared with December 2023. Mortgage loans therefore exceeded SFr14 billion, the bank added.

Operating income increased by 5.9 per cent to SFr 283.0 million, compared with the same time last year, illustrating the strength of the bank group’s diversified business model.

In line with the group’s strategy, operating expenses rose by around 8 per cent to SFr177.2 million. This was largely due to the increase in personnel expenses to SFr113.7 million since the first half of 2023. In the past 12 months, the group created around one hundred new jobs, mainly in its new business locations in Germany and Switzerland. In addition, more personnel were recruited in the area of digitalisation.

As a result of the investments in digitalisation and higher marketing expenses in connection with the rebranding of the LLB Group, general and administrative expenses climbed by 8.5 per cent to SFr46.1 million.

Despite the investments made for the future, the cost income ratio stood at 65.2 per cent, compared with 61 per cent in the first half of 2023 and therefore remained at the self-specified target level of 65 per cent, the bank continued.

“I’m expecting us to achieve further business growth in the coming months, even if the markets remain challenging. Our success in previous years demonstrates our excellent competitiveness,” said group CEO Gabriel Brenna. Accordingly, the LLB Group expects to achieve a solid result for the full 2024 business year.

LLB’s shares are listed on the SIX Swiss Exchange. The LLB Group offers its clients wealth management services as a universal bank, in private banking, asset management and fund services. With 1261 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria, Germany and the United Arab Emirates.