Cookies on the LLB Website

Cookies help us with technically operating our websites and to customise the website to your needs and improve it. We kindly ask you to permit the use of analytics cookies besides the use of necessary technical cookies. Read More

Accept all Accept only necessary Cookie Settings
LLB Annual Report 2021 de

Economic value creation

Information checkedInformation unaudited Information geprüft Information ungeprüft Economic value creation


Liechtenstein is one of only eleven countries worldwide with an AAA rating. In autumn 2021, the rating agency Standard & Poor’s (S&P) reconfirmed its top rating for the country’s creditworthiness. In its evaluation, it above all emphasised the financial situation of the public budgets and that this represents a stabilising factor during difficult times. It also praised the country’s broadly differentiated economy and the fact that it has access to two economic areas. Despite an economic environment that continues to present challenges, S&P is satisfied as to the continued stability of Liechtenstein. The robust financial and banking centre with strong international connections contributes substantially to the positive position it is in. Almost a quarter of Liechtenstein’s gross domestic product is generated by the financial sector.

For the LLB Group, having a very solid capital base is also part of its identity. We exceed the core capital ratio of 13 per cent required under Basel III regulations and have done so for many years (see chapter “Finance and risk management”).

The LLB share

The LLB share is a worthwhile investment. Investors have continued to profit from a sustainably attractive dividend yield for years.

Market capitalisation

The LLB share has been listed on the Swiss stock market, SIX Swiss Exchange, since 1993 under the symbol LLBN (security number: 35514757) and assigned to the “International Reporting Standard” segment. In 2021, around 2.3 million LLB shares (2020: 1.9 million) were traded on the SIX Swiss Exchange, corresponding to 7.4 per cent (2020: 6.2 %) of total shares issued. With 30.8 million registered shares issued, the market capitalisation of Liechtensteinische Landesbank AG stood at CHF 1.6 billion as at 31 December 2021 (2020: CHF 1.6 billion). The LLB share has been listed in the MSCI World Small Cap Index since 2018.

Shareholder structure

The Principality of Liechtenstein’s holding of 17.7 million LLB shares, or 57.5 per cent of the share capital, remained unchanged in 2021. In 2011, the Liechtenstein Government, as the representative of the majority shareholder, adopted the ownership strategy it has been pursuing in regards to the Principality’s equity stake in Liechtensteinische Landesbank AG ( It thereby explicitly supports the stock exchange listing of LLB and retains a majority stake of at least 51 per cent.

5.9 per cent of the shares were owned by the Haselsteiner Familien-Privatstiftung and the grosso Holding Gesellschaft mbH, both of which are domiciled in Austria, as at 31 December 2021 (see chapter “Corporate governance”).

LLB held 0.8 per cent (2020: 0.9 %) of its own shares (treasury shares) as at the end of the reporting year. The remaining registered shares were in free float, whereby none of the other shareholders held more than 3 per cent of the share capital.

Overall 89.6 per cent of the 30.8 million total registered shares were entered in LLB AG’s share register as at the end of the reporting year. 10.4 per cent, or 3’202’717 shares, were not registered.

Shareholder structure in per cent

Share price performance

Despite some turbulence, 2021 turned out to be a strong year for the international financial markets. The economic recovery after the coronavirus shock, loose monetary policy and fiscal support had a positive impact on share prices (see chapter “Economic environment”). Measured by the Swiss Performance Index (SPI), shares listed on the Swiss stock exchange rose by 23.4 per cent. Shares in the Swiss SWX Banks Index performed less well. It ended in negative territory in 2021 (-4.2 %) for the second year in a row, while the LLB share produced a total return of 4.3 per cent for the reporting year. The share traded as high as CHF 55.70 and as low as CHF 50.00 in 2021.

Total return on the LLB share

Dividend policy

Liechtensteinische Landesbank pursues an attractive, long-term-oriented dividend policy for the benefit of its shareholders. Furthermore, the LLB Group is committed to safeguarding its financial security and stability (see chapter “Strategy and organisation”). Under the StepUp2020 strategy, it sought to keep risk-bearing capital at a Tier 1 ratio of over 14 per cent in accordance with Basel III. Against this backdrop, the payout ratio for shareholders amounted to 40 to 60 per cent of Group net profit. With the introduction of the ACT-26 strategy from the 2022 business year, the sustainable and attractive dividend policy is being maintained. There is, however, a small change to the payout ratio, with it now being more than 50 per cent. Continuous dividend development is also being strived for. And a Tier 1 ratio of over 16 per cent is being targeted (see chapter “Strategy and organisation”).

The Board of Directors will propose an increase in the dividend to CHF 2.30 (2020: CHF 2.20) per share at the 30th Ordinary General Meeting of Shareholders on 6 May 2022. Based on the share price as at the end of 2021, this corresponds to a dividend yield of 4.4 per cent. Total dividends to be paid out amount to CHF 70.3 million (2020: CHF 67.1 million). This represents a payout ratio of 51 per cent for 2021 (2020: 61.1 %).

Dividend per share (2017-20211 in CHF)

1The Board of Directors will propose a dividend increase for the year 2021 to CHF 2.30 at the Annual General Meeting on 6 May 2022.

Analystsʼ recommendations

In September 2021, Christian Schmidiger, the Zürcher Kantonalbank analyst responsible for monitoring the LLB share, wrote that “[the share] appears to us to be cheaply priced, which is why we recommend overweighting it”. Schmidiger cites the dividend yield, which is higher than that of the peer group, as underpinning his recommendation.

Research Partners AG has been covering the LLB share since mid-2016. In a report that came out in November 2021, analyst Rainer Skierka confirmed his buy recommendation. He above all emphasised the positive position it is in thanks to the good financial results achieved in 2021. He also alluded to the financial objectives contained in the new ACT-26 strategy, stating that “they should be achievable in the current environment”. The twelve-month price target was raised to CHF 77.00 (2020: CHF 72.00).

Communication with the capital market

The LLB Group publishes its annual and interim financial results (see chapter “Responsibilities for the economy, society and environment”). Normally, we hold a media and analyst conference on the annual results in Zurich. As in the previous year, it could not take place physically in 2021 due to the coronavirus pandemic. Instead there was a conference call for analysts, investors and the media – like we have for the interim financial results. The LLB Group’s annual report and interim financial reporting formed the basis respectively. Once again, we produced these to a very high standard. Hence, the LLB Group has ranked among the companies with the best results in the overall rating category of the Swiss Annual Report Rating for several years now.

Also at the General Meetings of Shareholders, the Board of Directors and the Board of Management inform transparently about the course of business. Both in 2020 and 2021, these had to be held without shareholders being physically present due to the coronavirus pandemic.

We also hold regular discussions with investors, provide information at roadshows and participate in specialist conferences for financial analysts and investors. Increased COVID-19 measures, however, meant that during the reporting year many of these activities could only take place on a limited scale and scope.

All publicly accessible information about the LLB Group can be accessed on our website at Anyone interested is welcome to register at to receive price-relevant information about the LLB Group electronically. Additionally, we publish our information via our social media channels such as Facebook and Twitter. We publish the annual and interim financial reports in a comprehensive online version. The Annual Report 2021 in German can be accessed online at and in English at

The LLB share: facts and figures

in CHF thousands



Total of registered shares issued (fully paid up)



Number of shares eligible for dividend



Free float (number of shares)



Free float (in per cent)



Year’s high (9 April 2021 / 20 February 2020)



Year’s low (23 February 2021 / 16 March 2020)



Year-end price



Total return LLB share (in per cent)


– 12.4

Performance SPI (in per cent)



Performance SWX Banking Index (in per cent)

– 4.2

– 12.6

Average trading volume (number of shares)



Market capitalization (in CHF billions)



Basic earnings per share attributable to the shareholders of LLB (in CHF)



Dividend per LLB share (in CHF)



Payout ratio (in per cent)



Dividend yield at year-end price (in per cent)



Return on equity attributable to the shareholders of LLB (in per cent)



Eligible capital per LLB share (in CHF)



1 Proposal of the Board of Directors to the General Meeting of Shareholders on 6 May 2022