Bank Linth LLB, the largest regional bank in Eastern Switzerland, increased its first-half profit and expects to post a good full-year result. The bank plans to further develop digital channels.
Bank Linth, which belongs to Liechtensteinische Landesbank (LLB), had a profit of 12.2 million Swiss francs ($12.3 million) in the first six months of 2018, up almost 13 percent from the same period a year ago, the company said in a statement on Thursday (release in German).
«We achieved a result in line with our expectations in a still difficult business environment with ultra-low interest rates,» said David Sarasin, the CEO of Bank Linth.
Strong Forex Trading
The results of the businesses mirrored the demanding economic situation: operating profit of the interest business rose 4.2 percent to 33.5 million francs, with the fall in interest income more than offset by lower interest payments. Refinancing also was lower.
Commissions and fees added 2.4 percent from a year ago. Trading had strong growth of plus 7.2 percent thanks to foreign exchange transactions.
Bank Linth attracted net new money of 108.7 million francs, while asset under management remained flat at about 7 billion francs.
More Investments to Come
The company in the second half will further invest in what it coined the bank of the future and also spend money on refurbishing branches, Sarasin said.
Bank Linth expects to post a good result for the full year if market conditions don’t get substantially worse.
