Liechtensteinische Landesbank (LLB) has reported a net profit of CHF86.3m for 2015, an increase of 19.7% compared to CHF72.1m a year ago.
Due to the sale of the swisspartners Group, the bank’s operating income dropped 8.3% to CHF313.2m from CHF341.5m in 2014.
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Operating expenses fell by 18.4% to CHF221.1m from CHF271m in the year ago period.
For the full year of 2015, net interest income, before credit loss expense, fell 3% to CHF132.5m due to higher interest rate hedging costs, while Interest income from clients rose by 2.9% over the previous year.
The group’s assets under management were CHF45.6bn as of 31 December 2015, down 9.3% compared to CHF50.2bn on 31 December 2014.
The cost/income ratio at the group was 69.5% and the operating cost/income ratio was 63.7%.
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By GlobalDataThe company said that its consolidated balance sheet total reached CHF19.7bn at the end of 2015, a decrease of 5.2% from CHF20.8bn in 2014 resulted especially from sale of the swisspartners Group.
As part of the StepUp2020 strategy, the firm is targeting sustainably profitable growth over the next five years.
The Board of Directors have proposed a higher dividend of CHF1.60 net per LLB Share in 2015, up 6.7% from CHF1.50 net per LLB Share.
LLB Group chairman of the board of directors Hans Werner Gassner said: "With the completion of the Focus2015 strategy, the LLB Group has achieved a position of strength and can look back on a successful year 2015. Despite many challenges, we were able to significantly increase our profit in 2015 to CHF 86.3 million."
