Liechtensteinische Landesbank (LLB) reported a first-half 2026 net profit of CHF 105.0 million, up 15.3% from CHF 91.1 million in the same period of 2025, according to a company statement.
Revenue increased 0.9% to CHF 315.5 million, while operating expenses fell 6.8% to CHF 190.6 million, improving the cost-income ratio to 59.5% from 65.7% a year earlier. Total assets under management rose 5.6% to a record CHF 115.0 billion, while the group’s balance sheet expanded 5.0% to CHF 132.1 billion as of June 30.
Net new money inflows surged 60% year-over-year to CHF 2.23 billion, translating to an annualized growth rate of 4.1%. The inflows were distributed across LLB’s market divisions and booking centers in Liechtenstein, Switzerland and Austria. Net new loans totaled CHF 211 million, reversing a CHF 239 million decline in H1 2025.
Commission and service income rose 5.9% on higher volumes, while geopolitical tensions in spring boosted trading activity. Net interest income was pressured by low Swiss franc rates, though the decline was partly offset by a broader earnings base. Other income increased by CHF 9.4 million year-over-year, primarily from a brokerage agreement linked to the group’s strategic exit from Middle East operations.
Operating costs fell by approximately CHF 14 million, partly due to base effects from one-off integration expenses in 2025 related to the acquisition of ZKB Österreich. Staff expenses declined as the group realized synergies and reduced headcount. Risk provisions totaled CHF 4.7 million.
Capitalization remained strong despite a drop in the Tier-1 ratio to 18.5% from 19.0% at year-end 2025. Return on equity improved to 8.8% from 8.1%. Management noted that the operating environment remains challenging amid persistent geopolitical and economic uncertainties.
LLB reiterated its outlook from February, targeting a solid full-year 2026 result under the current conditions.
Georg Wohlwend, LLB chairman, said the profit growth and efficiency gains demonstrate the resilience of the group’s business model amid a demanding market backdrop.
