The LLB group (Liechtensteinische Landesbank) expects to post net profits for the first half of 2012 of around SFr62 million (currently around $62 million), up from SFr34.3 million in the same period of the previous year.

These unaudited figures from the Liechtenstein-headquartered private banking group also record growth in loans to clients compared with the end of 2011, of 3.2 per cent to SFr10.7 billion.

Client assets under management increased by SFr0.6 billion (1.2 per cent) to SFr48.7 billion due to market factors, the firm said in a statement. But net new money inflows were only SFr2 million.

Operating income increased in comparison with the first half of 2011, by 14 per cent to around SFr234 million, while expenses fell by around SFr3 million to SFr164 million.

This result was largely influenced, the firm said, by income from financial investments of around SFr22 million, compared with losses of SFr6.3 million in the first six months of 2011.

There was a reduction of personnel expenses of around SFr20 million following the previously announced change over by the Personnel Pension Fund Foundation of LLB to a defined contribution plan, as well as value allowances of around SFr27 million.

The group also confirmed its intention of selling its equity stake of 70.6 per cent in swisspartners Investment Network; the sales process has not yet been completed.