In the 2012 business year, the LLB Group’s loans to clients grew by 3 % compared with the end of 2011 to CHF 10.6 billion. Client assets under management increased by CHF 2.3 billion (+5 %) to CHF 49.9 billion due to market conditions. The net new money outflow was about CHF390 million.
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Operating income of the LLB Group in the 2012 business year increased by 21 % over the previous year to about CHF 409 million. Operating expenses fell by about CHF 23 million to about CHF 298 million.
The result was largely influenced by the positive development of financial investments in the amount of about CHF 44 million (2011: CHF 0.5 million); earnings from trading of about CHF 19 million (2011: loss of CHF 6.2 million); a one-time reduction of personnel expenses of about CHF 20 million due to the change-over by the Personnel Pension Fund Foundation of LLB AG to a defined contribution plan, and about CHF 20 million fewer write-downs for credit risks.
For the 2012 business year, the LLB Group expects a net profit of about CHF98 million compared with CHF 15.4 million in the previous year. These figures are unaudited.
Detailed information on the 2012 financial statement and on the results of the strategy review currently underway will be presented by the LLB Group on 22 March 2013.
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