While some of the results improved, the figures also showed that assets under administration and net new assets fell, a reflection of the market pain in 2022.

Liechtensteinische Landesbank, aka LLB, today reported an 8.4 per cent year-on-year rise in group net profit of SFr149.4 million ($158.6 million) for 2022, on a 5.6 per cent rise in operating income of SFr503 million. Costs rose 4.9 per cent reaching SFr328 million.

Net new money flows last year fell by 50 per cent to SFr3.6 billion, LLB said in a statement. 

The bank’s cost/income ratio narrowed to 64 per cent from 65.8 per cent a year earlier.

LLB’s client assets under administration fell 8.7 per cent in 2022 to SFr83.9 billion, mirroring the decline other banks have reported because of falls to global markets last year.

The Common Equity Tier 1 ratio – a common measure of a bank’s equity buffer – was 19.7 per cent in December 2022, down from 20.3 per cent a year earlier.

A proposal to increase the dividend from SFr2.30 to SFr2.50 per share will be made to the General Meeting of Shareholders. The Principality of Liechtenstein will receive a total of SFr52.8 million from the LLB Group, it said.

"The world today is different from the one that existed prior to Russia’s invasion of the Ukraine a year ago. Especially in such uncertain times as these, the LLB Group stands firmly at the side of its clients providing them with the highest level of stability and security. This year again, the trust placed in us by our clients is reflected in gratifying growth," Georg Wohlwend, chairman of the board of directors, said.