Liechtensteinische Landesbank (LLB) has reported net profit of CHF43m for the first half of 2016, up 5.5% compared to CHF40.8m a year earlier.
The bank’s operating income stood at CHF155.1m during the period, an increase of 5.6% from CHF146.8m in the prior year.
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Interest income increased 5.2% to CHF68.3m from CHF64.9m a year ago, while net fee and commission income dropped 5.5% year-on-year to CHF71.3m from CHF75.5m.
Operating expenses increased 7.3% to CHF108.5m from CHF101.1m in the prior corresponding period.
The bank’s cost-income-ratio in the first half was 69.8%, up from 66.6 % a year earlier.
Net new money outflows in the first half of 2016 were CHF42m, compared to outflow of CHF166m in the first half of 2015.
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By GlobalDataGroup CEO Roland Matt said: "In an exceptionally low interest rate situation we increased profit in the first half of 2016 to CHF 43.0 million.
"Thanks to our targeted business model and consistent client focus, we have strengthened our position in the target markets. At the same time, as part of our StepUp2020 strategy we have invested pioneering in innovations."
