Notes to the consolidated income statement (unaudited)
Information checkedInformation unaudited Information geprüft Information ungeprüft Notes to the consolidated income statement
1Net interest income
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Interest income from financial instruments measured at amortised cost |
|
|
|
|
Due from banks |
499 |
3'122 |
– 84.0 |
|
Loans |
73'124 |
78'112 |
– 6.4 |
|
Loan commissions with the character of interest |
1'971 |
2'065 |
– 4.6 |
|
Financial liabilities |
13'228 |
9'882 |
33.9 |
|
Total interest income from financial instruments measured at amortised cost |
88'821 |
93'181 |
– 4.7 |
|
|
|
|
|
|
Interest income from financial instruments, recognised at fair value through other comprehensive income |
|
|
|
|
Debt instruments |
6'294 |
7'991 |
– 21.2 |
|
Total interest income from financial instruments, recognised at fair value through other comprehensive income |
6'294 |
7'991 |
– 21.2 |
|
|
|
|
|
|
Interest income from financial instruments at fair value through profit and loss |
|
|
|
|
Debt instruments |
1'386 |
2'611 |
– 46.9 |
|
Interest rate derivatives |
1'373 |
4'300 |
– 68.1 |
|
Total interest income from financial instruments at fair value through profit and loss |
2'759 |
6'911 |
– 60.1 |
|
|
|
|
|
|
Total interest income |
97'874 |
108'083 |
– 9.4 |
|
|
|
|
|
|
Interest expenses from financial instruments measured at amortised cost |
|
|
|
|
Due to banks |
– 449 |
– 894 |
– 49.8 |
|
Due to customers |
– 2'239 |
– 6'932 |
– 67.7 |
|
Financial assets |
– 9'826 |
– 7'545 |
30.2 |
|
Lease liabilities |
– 139 |
– 156 |
– 10.9 |
|
Debt issued |
– 2'463 |
– 3'297 |
– 25.3 |
|
Total interest expenses from financial instruments measured at amortised cost |
– 15'116 |
– 18'823 |
– 19.7 |
|
|
|
|
|
|
Interest expenses from financial instruments measured at fair value |
|
|
|
|
Interest rate derivatives |
– 6'142 |
– 10'473 |
– 41.4 |
|
Total interest expenses from financial instruments measured at fair value |
– 6'142 |
– 10'473 |
– 41.4 |
|
|
|
|
|
|
Total interest expenses |
– 21'257 |
– 29'296 |
– 27.4 |
|
|
|
|
|
|
Total net interest income |
76'617 |
78'786 |
– 2.8 |
2Net fee and commission income
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Brokerage fees |
29'141 |
29'557 |
– 1.4 |
|
Custody fees |
26'252 |
21'910 |
19.8 |
|
Advisory and management fees |
27'929 |
23'627 |
18.2 |
|
Investment fund fees |
84'608 |
70'629 |
19.8 |
|
Credit-related fees and commissions |
306 |
309 |
– 1.2 |
|
Commission income from other services |
14'720 |
13'176 |
11.7 |
|
Total fee and commission income |
182'956 |
159'209 |
14.9 |
|
|
|
|
|
|
Brokerage fees paid |
– 6'502 |
– 6'068 |
7.2 |
|
Other fee and commission expenses |
– 67'832 |
– 53'709 |
26.3 |
|
Total fee and commission expenses |
– 74'334 |
– 59'777 |
24.4 |
|
|
|
|
|
|
Total net fee and commission income |
108'622 |
99'432 |
9.2 |
The LLB and its subsidiaries offer clients the possibility of paying an all-in-fee for various services. The all-in-fee is recognised in the line “Advisory and management fees”. The following table shows what share of the income position the all-in-fee has and what proportion of which services is included in it.
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Total all-in-fees |
16'784 |
13'768 |
21.9 |
|
of which brokerage |
5'073 |
4'786 |
6.0 |
|
of which securities administration |
2'931 |
3'068 |
– 4.5 |
|
of which asset management |
8'780 |
5'914 |
48.5 |
3Net trading income
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Foreign exchange trading |
31'363 |
37'397 |
– 16.1 |
|
Foreign note trading |
201 |
– 287 |
|
|
Precious metals trading |
847 |
1'195 |
– 29.1 |
|
Interest rate instruments * |
5'164 |
8'204 |
– 37.1 |
|
Total net trading income |
37'575 |
46'509 |
– 19.2 |
* The LLB Group uses interest rate swaps for trading and hedging purposes. If the interest rate swaps do not fulfil the approval criteria according to IAS 39 in order to be booked as hedging transactions, they are treated as interest rate swaps for trading purposes.
4Net income from financial investments
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Financial investments at fair value through profit and loss |
|
|
|
|
Dividend income |
287 |
330 |
– 13.1 |
|
Price gains * |
1'158 |
– 3'697 |
|
|
Total net income from financial investments at fair value through profit and loss |
1'445 |
– 3'367 |
|
|
|
|
|
|
|
Financial investments, recognised at fair value through other comprehensive income |
|
|
|
|
Dividend income |
3'124 |
1'899 |
64.5 |
|
of which from financial investments held on the balance sheet date |
3'124 |
1'838 |
69.9 |
|
of which from financial investments sold during the reporting period |
0 |
61 |
– 100.0 |
|
Realised gain |
461 |
– 418 |
|
|
Expected credit loss on financial investments |
– 71 |
– 19 |
272.7 |
|
Total financial investments, recognised at fair value through other comprehensive income |
3'514 |
1'462 |
140.4 |
|
|
|
|
|
|
Total net income from financial investments at fair value |
4'959 |
– 1'905 |
|
* The realised price gains for the first half of 2020 amounted to minus CHF thousands 1'334 (first half of 2019: minus CHF thousands 309).
5Other income
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Net income from properties |
866 |
931 |
– 7.0 |
|
Income from various services |
1'030 |
323 |
218.6 |
|
Share of income from associated companies and joint venture |
1 |
– 2 |
|
|
Additional other income |
1'174 |
127 |
825.7 |
|
Total other income |
3'071 |
1'379 |
122.7 |
6Personnel expenses
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Salaries |
– 75'617 |
– 75'671 |
– 0.1 |
|
Pension and other post-employment benefit plans * |
– 8'473 |
– 2'230 |
279.9 |
|
Other social contributions |
– 8'284 |
– 8'401 |
– 1.4 |
|
Training costs |
– 601 |
– 609 |
– 1.3 |
|
Other personnel expenses |
– 989 |
– 2'299 |
– 57.0 |
|
Total personnel expenses |
– 93'964 |
– 89'210 |
5.3 |
* The lower benefit cost in the first half of 2020 was largely attributable to the reduction of the LLB pension conversion rate. This effect was considered in IAS 19 as an expense reduction.
7General and administrative expenses
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Occupancy |
– 3'031 |
– 3'033 |
– 0.1 |
|
Expenses for IT, machinery and other equipment |
– 12'019 |
– 12'376 |
– 2.9 |
|
Information and communication expenses |
– 9'683 |
– 9'685 |
– 0.0 |
|
Marketing and public relations |
– 2'179 |
– 2'961 |
– 26.4 |
|
Consulting and audit fees |
– 1'782 |
– 1'863 |
– 4.4 |
|
Provisions for legal and litigation risks * |
– 302 |
3'791 |
|
|
Litigation, legal and representation costs |
– 3'403 |
– 790 |
330.5 |
|
Contributions to Deposit Protection Fund |
– 2'310 |
– 2'391 |
– 3.4 |
|
Other general and administrative expenses |
– 2'886 |
– 3'574 |
– 19.2 |
|
Total general and administrative expenses |
– 37'596 |
– 32'882 |
14.3 |
* See note 13 for details
8Tax expenses
|
in CHF thousands |
First half 2021 |
First half 2020 |
+ / – % |
|
Current taxes |
– 10'437 |
– 7'183 |
45.3 |
|
Deferred taxes |
394 |
70 |
463.8 |
|
Total tax expenses |
– 10'043 |
– 7'113 |
41.2 |
9Earnings per share
|
|
First half 2021 |
First half 2020 |
+ / – % |
|
Net profit attributable to the shareholders of LLB (in CHF thousands) |
67'143 |
57'059 |
17.7 |
|
Weighted average shares outstanding |
30'540'889 |
30'478'678 |
0.2 |
|
Basic earnings per share (in CHF) |
2.20 |
1.87 |
17.4 |
|
|
|
|
|
|
Net profit for diluted earnings per share attributable to the shareholders of LLB (in CHF thousands) |
67'143 |
57'059 |
17.7 |
|
Weighted average shares outstanding for diluted earnings per share |
30'708'960 |
30'642'195 |
0.2 |
|
Diluted earnings per share (in CHF) |
2.19 |
1.86 |
17.4 |