LLB Group records double-digit profit growth

26 February 2024 12:31

Liechtenstein BankersLiechtenstein

Vaduz - The LLB Group has increased profit in financial year 2023 by around +10 percent to just under 165 million Swiss francs. Moreover, the net new money inflow amounted to 1.4 billion Swiss francs.

The LLB Group posted profit of 164.7 million Swiss francs in financial year 2023, as the Vaduz-based banking group that is majority-owned by the principality of Liechtenstein writes in a press release. Year on year, this equates to growth of +10.2 percent, meaning that the group has actually exceeded its profit from last year, which at the time was LLB’s best result for more than a decade.

These pleasing developments for LLB were driven by a +7.7 percent increase in operating income to 541.8 million Swiss francs. In this context, the growth was generated in connection with trading income and interest income. However, commission income did decline in comparison with 2022. In the reporting year, net new money totaling 1.38 billion Swiss francs was also generated.

Operating expenses increased by +6.1 percent to 348.4 million Swiss francs. The background to this development is that the LLB Group created around 100 new jobs as part of its strategy focused on the digital transformation and customer service.

“The LLB Group achieved a very gratifying result in the last business year”, comments Georg Wohlwend, Chairman of the Board of Directors of the LLB Group, in the press release. “This once more demonstrates that our strategic decisions pay off”, he adds.

According to the press release, LLB expects to achieve a “solid business result” in the current year. Moreover, two new locations in Zurich and St.Gallen are in the pipeline. In January, the group already opened three new branches in Munich, Frankfurt and Düsseldorf. ce/hs

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