Despite the abandonment of the Euro minimum exchange rate and the introduction of negative interest rates by the Swiss National Bank, the LLB Group posted a good operating performance for the first half of 2015. It expects an interim result of approximately CHF 44 million, compared to CHF 40.4 million for the prior-year period.
The LLB Group posted operative growth: operating income stood at CHF 157 million, while operating expenses amounted to CHF 109 million. As per 30 June 2015, the business volume amounted to CHF 55.7 billion. The amount due from clients remained steady at CHF 10.7 billion, while assets under management decreased from CHF 50.2 billion to CHF 45.0 billion as the result of the sale of swisspartners Investment Network AG and performance-related factors pertaining to the currency situation.
Based on market rates and currencies remaining constant until the end of 2015, the LLB Group calculates a net profit for the current financial year on a par with levels in the previous year. Detailed information will be provided by the LLB Group at the presentation of the 2015 interim results on 27 August 2015.
About LLB Group
Liechtensteinische Landesbank AG (LLB) is the longest-established financial institute in the Principality of Liechtenstein. The Principality of Liechtenstein holds the majority of the company's share capital. The LLB's shares are listed on the SIX Swiss Exchange (symbol: LLB). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With about 800 employees (in full-time positions), the Group is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As of 30 June 2015, the LLB Group managed a business volume totalling CHF 55.7 billion.