International Wealth Management
Information checkedInformation unaudited Information geprüft Information ungeprüft International Wealth Management
The International Wealth Management segment focuses on private banking clients as well as institutional and investment fund clients. In the private banking business area the emphasis lies on the Austrian and other Western Europe markets, as well as the growth markets in Central and Eastern Europe and the Middle East. This business segment offers international clients comprehensive services in investment advice, wealth management, asset structuring, financing facilities, as well as financial and retirement planning. The investment fund and institutional clients business areas encompass clients such as fiduciaries, asset managers, fund promoters, insurance companies, pension funds and public institutions. The focus lies on the home markets of Liechtenstein, Switzerland and Austria.
Business segment result
The segment result before taxes of the International Wealth Management Division amounted to CHF 63.6 million. In comparison with the equivalent period in the previous year, this represents an increase of 27.4 per cent. Operating income improved by 16.9 million to CHF 121.7 million. A substantial increase was achieved in interest differential business. On account of the sharp rise in interest rates, interest income rose by CHF 35.5 million to CHF 52.1 million. In the previous year, the segment benefitted from larger volumes of client assets, as well as from exceptionally high earnings from real estate in Austria. In total, the gross margin improved by 7.5 basis points. Operating expenses rose to CHF 58.1 million, partly due the higher headcount.
At CHF 0.2 billion, net new money inflows were unable to attain the extremely high levels of the previous year. The current market conditions, especially in real estate funds business, are very challenging. In contrast, business with institutional clients in Liechtenstein generated gratifying inflows. In total, the business volume increased by 3.8 per cent to CHF 67.7 billion.
Segment reporting
|
in CHF thousands |
First half 2023 |
First half 2022 |
+ / – % |
|
Net interest income |
52'125 |
16'604 |
213.9 |
|
Expected credit losses |
0 |
– 56 |
– 100.0 |
|
Net interest income after expected credit losses |
52'125 |
16'548 |
215.0 |
|
Net fee and commission income |
61'729 |
76'084 |
– 18.9 |
|
Net trading income |
9'491 |
12'240 |
– 22.5 |
|
Other income |
– 1'612 |
1 |
|
|
Total operating income |
121'734 |
104'873 |
16.1 |
|
Personnel expenses |
– 23'147 |
– 22'154 |
4.5 |
|
General and administrative expenses |
– 2'612 |
– 2'723 |
– 4.1 |
|
Depreciation |
– 173 |
– 197 |
– 12.2 |
|
Services (from) / to segments |
– 32'170 |
– 29'871 |
7.7 |
|
Total operating expenses |
– 58'102 |
– 54'945 |
5.7 |
|
Segment profit before tax |
63'632 |
49'928 |
27.4 |
Performance figures
|
|
First half 2023 |
First half 2022 |
|
Gross margin (in basis points) 1 |
37.4 |
29.9 |
|
Cost Income Ratio (in per cent) 1 |
47.7 |
52.4 |
|
Net new money (in CHF millions) 1 |
208 |
1'793 |
|
Growth of net new money (in per cent) 1 |
0.3 |
2.5 |
1 Definition under www.llb.li/investors-apm
Additional information
|
|
30.06.2023 |
31.12.2022 |
+ / – % |
|
Business volume (in CHF millions) 1 |
67'669 |
65'194 |
3.8 |
|
Assets under management (in CHF millions) 1 |
66'768 |
64'214 |
4.0 |
|
Loans (in CHF millions) |
901 |
980 |
– 8.1 |
|
Employees (full-time equivalents, in positions) |
261 |
246 |
6.3 |
1 Definition under www.llb.li/investors-apm