Liechtensteinische Landesbank had a handsome inflow of new money in the first half of the year. Profit however plunged.
The figures published on Thursday by Liechtensteinische Landesbank (LLB) for the first half presented a mixed bag of results for sure. Profit dropped to 45.8 million Swiss francs ($46.6 million), down almost a quarter from a year earlier.
At the same time, the Vaduz-based bank also had strong growth. New money increased to 1.1 billion francs, a record for LLB. The interest-carrying and commission business also had a positive development, while trading sagged.
Solid Result for Full Year
The bank in principle felt the effect of higher business volumes across the regions coupled with significantly higher costs – leading to the drop in profit. Operating costs rose more than a tenth to 128.3 million francs year-on-year, with more jobs adding to the total.
LLB is confident to generate a solid full-year result, it said in the statement.
