The Liechtensteinische Landesbank (LLB) made a net profit of CHF 104 million in 2016, according to the bank’s advance information. In the previous year, its net profit amounted to CHF 86.3 million.
The LLB has mainly attributed this significant increase in profit to higher income from financial investments, as well as the increasing long-term interest rates in the second half-year, which contributed to a valuation gain for interest rate hedging instruments.
Operating expenses increased by 18 per cent to CHF 258 million, with the bank putting this rise down to strategic personnel expansion, the renovation of branches, accruals for variable remuneration, and the creation of provisions for legal and litigation risk.
Meanwhile, business volume totalled around CHF 58 billion at the end of December 2016. Customer loans were up by 4.5 per cent to CHF 11.5 billion, while assets under management increased slightly from CHF 45.6 billion to CHF 46.4 billion.
The LLB will publish its consolidated financial statement with detailed information on 14th March 2017.