Liechtensteinische Landesbank (LLB) has reported net profit of CHF45.8m for the first half of 2018, a slump of 24% compared to CHF59.9bn a year ago.

Liechtensteinische Landesbank operating income stood at CHF183.5m for the half year ended 30 June 2018, down 3% from CHF189.7m in the previous year.

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Liechtensteinische Landesbank H1 2018 results

Compared to last year, net interest income rose 6% to CHF76.8m while net fee and commission income increased 4% to CHF77.6m.

Operating expenses increased 10% to CHF128.3m on a year-on-year basis.

The bank’s cost-income-ratio in the first half was 71.2%, versus 62.8% in the previous year.

Net new money inflows in the first half of 2018 were CHF1.1bn, compared to CHF731m in the first half of 2017.

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The inflows were the highest since 2010, the bank said in its earnings statement.

Liechtensteinische Landesbank group CEO Roland Matt said: “There is one large headline at the LLB Group for the 2018 business year: we are continuing to grow sustainably. Both organically and through acquisitions.

“In the first half of 2018, we achieved net new money inflows in all market divisions and booking centres. We successfully completed the acquisitions of LB(Swiss) Investment in Zurich and Semper Constantia Privatbank in Vienna quickly and as planned.”

At the same time, LLB also announced plans of a public share repurchase programme, through which it aims to buy back up to 400,000 of its own registered shares.

The bank already secured the necessary approvals for the programme, which will start on 24 August 2018 and end on 31 December 2020.

The bank plans to utilise the repurchased shares for future takeovers or treasury management measures.