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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 2023

First half 2022

+ / – %

Interest income from financial instruments measured at amortised cost

 

 

 

Due from banks

57'242

147

 

Loans

119'272

74'663

59.7

Debt instruments

4'260

0

 

Loan commissions with the character of interest

1'794

1'501

19.5

Received negative interest

1'428

15'252

– 90.6

Total interest income from financial instruments measured at amortised cost

183'997

91'563

101.0

 

 

 

 

Interest income from financial instruments, recognised at fair value through other comprehensive income

 

 

 

Debt instruments

10'511

8'303

26.6

Total interest income from financial instruments, recognised at fair value through other comprehensive income

10'511

8'303

26.6

 

 

 

 

Interest income from financial instruments at fair value through profit and loss

 

 

 

Debt instruments

130

386

– 66.4

Interest rate derivatives

3'861

8'134

– 52.5

Total interest income from financial instruments at fair value through profit and loss

3'991

8'521

– 53.2

 

 

 

 

Total interest income

198'498

108'387

83.1

 

 

 

 

Interest expenses from financial instruments measured at amortised cost

 

 

 

Due to banks

– 11'286

– 500

 

Due to customers

– 97'963

– 4'454

 

Paid negative interest

– 1'375

– 9'358

– 85.3

Lease liabilities

– 136

– 122

11.7

Debt issued

– 4'656

– 2'101

121.6

Total interest expenses from financial instruments measured at amortised cost

– 115'415

– 16'534

598.1

 

 

 

 

Interest expenses from financial instruments measured at fair value

 

 

 

Interest rate derivatives

– 1'296

– 18'419

– 93.0

Total interest expenses from financial instruments measured at fair value

– 1'296

– 18'419

– 93.0

 

 

 

 

Total interest expenses

– 116'711

– 34'953

233.9

 

 

 

 

Total net interest income

81'787

73'433

11.4

2Net fee and commission income

in CHF thousands

First half 2023

First half 2022

+ / – %

Brokerage fees

20'492

25'234

– 18.8

Custody fees

24'696

27'340

– 9.7

Advisory and management fees

26'969

28'913

– 6.7

Investment fund fees

77'143

81'359

– 5.2

Credit-related fees and commissions

399

383

4.0

Commission income from other services

14'166

19'667

– 28.0

Total fee and commission income

163'865

182'897

– 10.4

 

 

 

 

Brokerage fees paid

– 5'459

– 5'349

2.1

Other fee and commission expenses

– 60'726

– 64'849

– 6.4

Total fee and commission expenses

– 66'185

– 70'198

– 5.7

 

 

 

 

Total net fee and commission income

97'680

112'699

– 13.3

LLB and its subsidiaries offer clients an all-in fee for various services. This 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 2023

First half 2022

+ / – %

Total all-in fees

16'253

16'312

– 0.4

of which brokerage

4'633

4'385

5.7

of which securities administration

2'795

2'833

– 1.4

of which asset management

8'825

9'094

– 3.0

3Net trading income

in CHF thousands

First half 2023

First half 2022

+ / – %

Foreign exchange trading

81'302

48'536

67.5

Foreign note trading

– 105

– 403

– 74.0

Precious metals trading

1'002

1'415

– 29.1

Interest rate instruments 1

319

3'672

– 91.3

Total net trading income

82'518

53'219

55.1

1 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 2023

First half 2022

+ / – %

Financial investments at fair value through profit and loss

 

 

 

Dividend income

589

318

85.2

Price gains 1

749

– 6'638

 

Total net income from financial investments at fair value through profit and loss

1'337

– 6'320

 

 

 

 

 

Financial investments, recognised at fair value through other comprehensive income

 

 

 

Dividend income

5'637

5'418

4.0

of which from financial investments held on the balance sheet date

5'462

5'418

0.8

of which from financial investments sold during the reporting period

175

0

 

Realised gain

– 81

88

 

Total net income from financial investments, recognised at fair value through other comprehensive income

5'556

5'506

0.9

 

 

 

 

Total net income from financial investments at fair value

6'894

– 814

 

1 The realised price gains for the first half of 2023 amounted to minus CHF thousands 207 (first half of 2022: minus CHF thousands 1'351).

5Other income

in CHF thousands

First half 2023

First half 2022

+ / – %

Net income from properties 1

– 231

1'131

 

Income from various services

365

– 79

 

Share of income from associated companies and joint venture

5

2

182.8

Additional other income

319

5'751

– 94.5

Total other income

459

6'804

– 93.3

1 In the first half of 2023, net income from properties consisted of rental income and a revaluation loss of property (first half of 2022: rental income and profit from the sale of properties).

6Personnel expenses

in CHF thousands

First half 2023

First half 2022

+ / – %

Salaries

– 82'713

– 76'812

7.7

Pension and other post-employment benefit plans

– 6'716

– 8'451

– 20.5

Other social contributions

– 9'346

– 8'552

9.3

Training costs

– 1'146

– 762

50.3

Other personnel expenses

– 1'743

– 1'623

7.4

Total personnel expenses

– 101'664

– 96'201

5.7

7General and administrative expenses

in CHF thousands

First half 2023

First half 2022

+ / – %

Occupancy

– 2'923

– 2'940

– 0.6

Expenses for IT, machinery and other equipment

– 15'085

– 13'482

11.9

Information and communication expenses

– 9'918

– 9'675

2.5

Marketing and public relations

– 4'139

– 2'858

44.8

Consulting and audit fees

– 3'216

– 3'261

– 1.4

Provisions for legal and litigation risks 1

3

– 521

 

Litigation, legal and representation costs

– 288

– 1'300

– 77.9

Contributions to Deposit Protection Fund

– 2'689

– 2'802

– 4.0

Other general and administrative expenses

– 4'224

– 3'317

27.3

Total general and administrative expenses

– 42'479

– 40'155

5.8

1 See note 12 for details

8Tax expenses

in CHF thousands

First half 2023

First half 2022

+ / – %

Current taxes

– 9'693

– 18'346

– 47.2

Deferred taxes

– 4'565

6'865

 

Total tax expenses

– 14'258

– 11'481

24.2

9Earnings per share

 

First half 2023

First half 2022

+ / – %

Net profit attributable to the shareholders of LLB (in CHF thousands)

88'585

74'119

19.5

Weighted average shares outstanding

30'643'989

30'597'283

0.2

Basic earnings per share (in CHF)

2.89

2.42

19.3

 

 

 

 

Net profit for diluted earnings per share attributable to the shareholders of LLB (in CHF thousands)

88'585

74'119

19.5

Weighted average shares outstanding for diluted earnings per share

30'796'543

30'745'641

0.2

Diluted earnings per share (in CHF)

2.88

2.41

19.3

The weighted average number of shares outstanding for the calculation of the undiluted and diluted result differs in that the share entitlements are included in the calculation of diluted earnings. There are no other factors that would lead to a dilution of earnings.