Liechtensteinische Landesbank in 2019 increased its profit by 45 percent from a year earlier. One of the main reasons for the increase was the stock market boom.
A year ago, Liechtensteinische Landesbank (LLB) published a profit warning, but the Vaduz-based bank made up for lost ground in the business year that followed. In all, the bank generated a profit of 123 million Swiss francs ($127 million) in 2019, compared with 89 million in 2018, according to an advance information released on Thursday.
Operating income reached 453 million francs, up from just short of 400 million a year earlier. Operating expenses increased to 311 million from 305.9 million, the bank said.
Higher Overall Business Volume
Operational progress as well as market and one-off effects contributed to the higher annual result, LLB said. The drop in profit in 2018 was partially a consequence of the integration of Austria’s Semper Constantia private bank.
The addition of the private bank however helped increase the volume of LLB’s business, which amounted to 89 billion francs by the end of 2019, up 9 billion from 12 months earlier.
Audited Version Due in March
The figures published today have not yet been audited and LLB will release the consolidated report on March 12, 2020. Liechtenstein owns a majority stake in the bank, which is also listed on the Swiss stock exchange.
