Liechtensteinische Landesbank (LLB), a private bank based in Vaduz, has registered a net profit of CHF61.1m for the first half of 2019.

This is a 33% jump from last year’s profit of CHF45.8m.

The growth was largely attributed to LLB’s acquisitions of Semper Constantia Privatbank in Austria as well as LB(Swiss) Investment.

Operating income in the first six months of 2019 was CHF223.7m, up 20% from CHF186.3m in the previous year.

Interest income before expected credit loss rose 8% to CHF82.6m from CHF76.8m, while net fee and commission income surged 27% to CHF99m from CHF77.6m.

Net trading income of CHF26.8m was 22% lower than the previous year.

Operating expenses increased 16% year-on-year to CHF152.2m.

The bank’s cost-income-ratio at the end of June 2019 was 69.7%, versus 72.8% a year ago.

Client assets under management totalled CHF72.6bn as of 30 June 2019, with net inflows of CHF2bn.

LLB chairman of the board of directors Georg Wohlwend said: “Our acquisitions are paying off. By expanding LLB Österreich we have strengthened our market position.

“Thanks to these steps, we have become not just the most important universal bank in Liechtenstein and the largest regional bank in eastern Switzerland, but also the leading asset management bank in Austria.

“Our investment fund management companies in Switzerland and Austria open up new possibilities for us in fund business.”