Liechtenstein's LLB Reports Small Net Profit Dip

Editorial Staff 26 August 2020

Liechtenstein's LLB Reports Small Net Profit Dip

Among the result details, LLB said it succeeded in cutting its costs, helping to protect the bottom line during what has been a difficult period because of the pandemic.

Liechtensteinische Landesbank, which operates in several regions, booked SFr60.2 million ($66.23 million) in group net profit in the first six months of the year, down by only 1.5 per cent on a year before, with the bank saying that tight cost controls helped protect the bottom line amid the COVID-19 pandemic.

LLB’s cost/income ratio narrowed to 65.5 per cent in H1 2020 from 69.7 per cent a year earlier. Return on equity was 5.9 per cent, down from 6.1 per cent a year before.

The bank booked net new money inflow of SFr1.028 billion, halving from SFr2.0 billion, LLB said in a statement yesterday. 

LLB said client assets under management slipped by 3.7 per cent to SFr73.5 billion at the end of June this year. The bank’s Tier 1 ratio was 20.4 per cent, rising from 19.6 per cent a year before.

"For the LLB Group too, the first half year of 2020 was marked by the challenges posed by the COVID-19 pandemic. In spite of this difficult operating environment, we achieved a good business result. Throughout the crisis our employees showed exceptional dedication and commitment,” Georg Wohlwend, chairman of the board of directors, said.

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