Liechtensteinische Landesbank, Liechtenstein's oldest financial institution,
has announced "excellent" results for the first half of 2007, with
net profits up by 10.4% to CHF126.9 million (US$105.3 million) and client assets
having risen by 20% to CHF60.6 billion.
"The successful realisation of our growth strategy, including the majority
shareholding in Bank Linth LLB AG and our new organisational structure have
strengthened our position in our target markets," commented Dr. Josef Fehr,
Chairman of the LLB Board of Management. "This enabled us to gain ground
in all our business areas", he continued.
LLB's core operations are focused on wealth management, private banking, asset
management, fund services and trust services. First half results showed
that client assets climbed by CHF10.1 billion in the six months to June 30,
2007. These were composed of net new money inflows of CHF1.4 billion, the majority
shareholding in Bank Linth LLB AG of CHF5.0 billion, as well as performance-related
appreciation of assets of CHF3.7 billion. High money inflows were recorded in
particular from LLB's growth markets in Eastern Europe, as well as the Near and
Middle East. LLB said that it also achieved above target growth in its traditional
core markets. Assets in own managed funds rose strongly by 29.4% to CHF4.5 billion.
Assets with discretionary mandates expanded by 10.7% to CHF11.0 billion. Other
assets under management amounted to CHF45.2 billion per 30 June 2007 (CHF37.2
billion per 31 December 2006).
Net fee and commission income again expanded and amounted to CHF151.4 million
(+23.9 %). This rise highlighted the very positive trend with securities administration
(+33.4 %), investment fund management (+21.3 %), and brokerage fees (+19.2
%), the bank announced.
The integration of Bank Linth LLB AG in the LLB Group is scheduled to be completed
at the end of December 2007. Bank Linth LLB AG has contributed CHF 1.3 million
to profit since March 2007.
"No adjustment will be made to our medium term goals regarding efficiency,
profitability and new money inflow for the 2007 business year", added Dr.
Fehr.
LLB Group said that it is confident about prospects for the second half of
2007, and it expects to achieve a good result for the full business year.
The Liechtensteinische Landesbank AG (LLB) was founded in 1861, and is the longest
established financial institute in the Principality of Liechtenstein, which
holds the majority of the company's share capital.
LLB's shares are listed on the SWX Swiss exchange, and the bank is represented
in various locations, including Vaduz, Uznach, Zurich, Basel, Geneva, Lugano,
on the Cayman Islands, Abu Dhabi (United Arab Emirates) and Hong Kong.