Bank Linth increased its profit by more than a tenth, boosted by commissions and services income. The regional bank will spend some of the money on renovating its branch network.
Linth, a unit of Liechtensteinische Landesbank (LLB), had a profit of 22.6 million Swiss francs in 2017, compared with 20.1 million a year earlier, it said in a statement today.
The regional Swiss bank proposes to increase the dividend by 1 franc to 9 francs per share.
Improvement in All Divisions
Bank Linth improved its performance in all its divisions last year. Of particular importance was the result achieved by the commissions and services business, which rose 15 percent to 20 million francs.
Assets under management reached a record 7 billion francs, up 2.6 percent from a year earlier. Net new money declined by 57.5 million because a large institutional client left the bank.
Interest income increased 6.4 percent to almost 66 million francs. Operating expenses were up slightly, while personnel costs declined.
Major Refurbishment Program
Bank Linth will buck the trend and expand its network of branches this year, opening a high-street representation in Frauenfeld. The company also has renovation plans for eight of its offices across the region throughout the end of 2018.
The program is part of the effort to implement its new advisory concept. The bank expects a more challenging business environment this year and a «stable development».
