LLB Group Reports Increased Profit for First Half of 2024

Vaduz, 26 August 2024. The Liechtensteinische Landesbank (LLB) Group has reported a historic achievement, surpassing a business volume of CHF 110 billion in the first half of 2024. The Group's net profit rose to CHF 90.2 million, a 1.7% increase from the same period last year, despite significant strategic investments.

Positive net new money inflows and increased client loans have fueled this growth. Notably, mortgage lending grew by 4%, totaling CHF 15.6 billion. Client assets under management also reached a record CHF 94.3 billion. The Group's cost income ratio remained at the targeted 65%, and the Tier 1 ratio stood at 19.7%.

The LLB Group's operating income rose by 5.9% to CHF 283.0 million, driven by higher fee and commission income. Despite an 8% rise in operating expenses, mainly due to personnel costs, the Group maintained its profitability. The bank plans to continue focusing on growth, efficiency, and sustainability as part of its ACT-26 strategy.

LLB's financial stability is underscored by a Moody's deposits rating of Aa2. The Group expects continued business growth and a solid performance for the full year 2024.