In 2018, the LLB Group achieved further operative progress. Integration costs and the continuing low interest rate environment coupled with the interest and equity market development had an adverse effect on the Group financial statement. In the 2018 business year, the LLB Group earned a net profit of CHF 85.1 million (2017: CHF 111.3 million). The net profit therefore decreased in comparison with the previous year by 23.5 per cent or CHF 26.1 million. In 2018 for the first time, the two acquired companies LB(Swiss) Investment AG and Semper Constantia Privatbank AG were considered in the accounts for nine and six months, respectively. Taking into account the income contributions made by the acquired companies and the integration costs for them resulted in a charge of CHF 7.9 million to the consolidated business result.
In comparison with the previous year, operating income rose by 0.1 per cent and operating expenses by 14.6 per cent. The net profit attributable to the shareholders of Liechtensteinische Landesbank amounted to CHF 78.0 million (2017: CHF 105.7 million). Earnings per share stood at CHF 2.62 (2017: CHF 3.66).
Assets under management
Assets under management climbed by 33.9 per cent to CHF 67.3 billion (31.12.2017: CHF 50.3 billion). Thanks to the acquisition of Semper Constantia Privatbank AG at the beginning of July 2018 they rose by CHF 20.7 billion. Turbulence on the financial markets led to negative currency effects and a negative performance of minus CHF 4.7 billion.
The LLB Group continued its growth in the 2018 business year and attained a net new money inflow of CHF 1’278 million (2017: CHF 470 million). Thanks to intensive sales and marketing activities, it achieved positive new money inflows in all three market segments and all booking centres.
In 2019, we expect further operative progress, a confirmation of our growth trend, a positive profit contribution from the newly acquired subsidiaries, and a solid Group business result.