Annual Report 2024 - Liechtensteinische Landesbank

1Type of collateral

a Types of cover


		Type of collateral
in CHF thousands		Secured by mortgage	Other collateral	Unsecured	Total
Loans
Loans (excluding mortgage loans)		147’411	533’614	610’135	1’291’160
Mortgage loans
residential property		5’879’995	22’813	21’671	5’924’479
office and business property		1’056’819	2’925	0	1’059’744
commercial and industrial property		300’876	0	22’000	322’876
other		260’957	0	0	260’957
Total loans	31.12.2024	7’646’059	559’352	653’806	8’859’217
	31.12.2023	6’893’795	539’455	825’895	8’259’145

Off-balance sheet transactions
Contingent liabilities		1’900	23’634	6’826	32’360
Irrevocable commitments		117’485	53’735	194’425	365’646
Deposit and call liabilities		0	0	1’178	1’178
Total off-balance sheet transactions	31.12.2024	119’386	77’370	202’429	399’185
	31.12.2023	101’492	85’802	248’824	436’118

b Claims at risk

in CHF thousands	Gross outstanding amount	Estimated proceeds from realisation of collateral	Net outstanding amount	Specific allowances
31.12.2024	103’296	74’717	74’717	28’579
31.12.2023	70’667	37’396	37’396	33’271

2Securities and precious metals holdings

a Securities and precious metals trading positions


	Book value		Cost		Market value
in CHF thousands	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Equities	10	11	68	68	10	11
Total	10	11	68	68	10	11
of which eligible securities	0	0	0	0	0	0

b Securities and precious metals holdings as current assets (excluding trading positions)


	Book value		Cost		Market value
in CHF thousands	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Debt securities	2’316’060	2’092’912	2’353’410	2’165’449	2’348’569	2’114’833
of which own bonds and medium-term notes	0	0	0	0	0	0
Equities	24’498	13’263	24’802	13’523	25’745	14’014
of which qualified participations (at least 10 % of the capital or votes)	0	0	0	0	0	0
Total	2’340’559	2’106’175	2’378’212	2’178’972	2’374’314	2’128’847
of which eligible securities	1’410’396	1’170’831	1’427’239	1’215’479	1’431’663	1’182’013

c Securities and precious metals as fixed assets


	Book value		Cost		Market value
in CHF thousands	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Equities	182’023	189’329	212’130	213’996	222’765	216’689
of which qualified participations (at least 10 % of the capital or votes)	5’015	10’530	9’165	15’167	8’012	13’819
Precious metals	73’736	68’331	73’736	68’331	73’736	68’331
Total	255’759	257’660	285’866	282’327	296’501	285’020
of which eligible securities	0	0	0	0	0	0

3Participations and shares in associated companies

in CHF thousands	31.12.2024	31.12.2023

Participations
Without market value	23	24
Total participations	23	24

Shares in associated companies
Without market value	653’465	653’495
Total shares in associated companies	653’465	653’495

4Statement of fixed assets

in CHF thousands	Cost	Accumulated depreciation	Book value 31.12.2023	Invest- ments	Dis- invest- ments	Reclassi- fications	Additions	Depre- ciation	Book value 31.12.2024
Total participations (non- controlling interests)	37	– 13	24	0	0	0	0	– 1	23
Total shares in associated companies	651’864	1’631	653’495	0	– 30	0	0	0	653’465
Total securities and precious metals as fixed assets	368’203	– 110’544	257’660	452’735	– 454’636	0	0	0	255’759
Total intangible assets ¹	161’856	– 110’898	50’958	19’455	0	0	0	– 11’427	58’987
Real estate
bank premises	164’527	– 109’244	55’283	15’611	0	0	0	– 3’140	67’755
other properties	17’128	– 2’128	15’000	0	0	0	0	0	15’000
Other fixed assets	69’248	– 51’829	17’419	6’775	0	0	0	– 5’714	18’480
Total fixed assets	250’903	– 163’200	87’703	22’387	0	0	0	– 8’854	101’235

1Solely licences and software

Depreciation is carried out according to prudent business criteria over the estimated service life. No undisclosed reserves exist.

in CHF thousands	31.12.2024	31.12.2023
Fire insurance value of real estate	182’683	182’683
Fire insurance value of other fixed assets	39’068	37’221

Liabilities: future leasing installments from operational leasing	70	104

Intended for resale
Properties	1’710	2’620
Participations	0	0
(not included in the statement of fixed assets)

5Substantial participations and shares in associated companies

Company name and registered office	Business activity	Currency	Share capital	% share of votes	% share of capital
Participations
Data Info Services AG, Vaduz	Service company	CHF	50’000	50.0	50.0

Shares in associated companies
Liechtensteinische Landesbank (Österreich) AG, Vienna	Bank	EUR	5’000’000	100.0	100.0
LLB (Schweiz) AG, Uznach	Bank	CHF	16’108’060	100.0	100.0
LLB Asset Management AG, Vaduz	Asset management	CHF	1’000’000	100.0	100.0
LLB Fund Services AG, Vaduz	Fund management company	CHF	2’000’000	100.0	100.0
LLB Holding AG, Uznach	Holding company	CHF	95’328’000	100.0	100.0
LLB Swiss Investment AG, Zurich	Fund management company	CHF	8’000’000	100.0	100.0

Total amount from shares in associated banks and securities firms reported in shares in associated companies		CHF	32’108’060

6Own shares included in current assets (excluding trading positions)


	Quantity		Book value
Quantity / in CHF thousands	2024	2023	2024	2023
As at 1 January	208’055	179’881	13’087	10’037
Bought	207’630	70’645	14’751	4’463
Sold	– 53’303	– 42’471	– 3’205	– 2’624
Additions / (Impairments)	0	0	– 311	1’210
As at 31 December	362’382	208’055	24’321	13’087

For information according to PGR Art. 1096 Para. 4 No. 4, please refer to note 29 Treasury shares in the LLB Groupʼs consolidated financial statement.

7Other assets and liabilities


in CHF thousands	31.12.2024	31.12.2023	+/- %
Precious metals holdings	73’736	68’331	7.9
Tax prepayments / Withholding tax	5’145	4’466	15.2
Positive replacement values ¹	472’551	300’960	57.0
Settlement account	63’769	41’394	54.1
Clearing accounts	1’894	1’674	13.1
Taken-over real estate	1’710	2’620	– 34.7
Deferred tax claim	4’111	3’526	16.6
Total other assets	622’915	422’971	47.3

Charge accounts	5’834	4’427	31.8
Negative replacement values ¹	410’749	363’580	13.0
Accounts payable	26’387	34’267	– 23.0
Settlement account	71’935	72’727	– 1.1
Clearing accounts	43’967	28’290	55.4
Total other liabilities	558’872	503’291	11.0

1Replacement values are shown gross.

8Due from and due to associated companies and related parties

a Due from and due to participations and associated companies

in CHF thousands	31.12.2024	31.12.2023	+/- %
Due from associated companies	1’764’437	1’423’845	23.9
Due to associated companies	1’361’343	1’202’319	13.2
Due from participations	0	0
Due to participations	0	0

b Due from and due to qualified participations and companies associated with the Principality of Liechtenstein

in CHF thousands	31.12.2024	31.12.2023	+/- %
Due from the Principality of Liechtenstein	4’634	3’820	21.3
Due to the Principality of Liechtenstein	437’175	388’976	12.4
Due from companies associated with the Principality of Liechtenstein ¹	97’995	99’335	– 1.3
Due to companies associated with the Principality of Liechtenstein ¹	153’263	175’867	– 12.9

1Associated companies: Liechtensteinische Kraftwerke, Liechtenstein Wärme, Telecom Liechtenstein AG, Liechtensteinische Post AG, Verkehrsbetrieb LIECHTENSTEINmobil, AHV-IV-FAK-Anstalt and Finanzmarktaufsicht Liechtenstein.

The stated due from and due to are included in the balance sheet in the items loans and due to customers.

c Loans to corporate bodies

in CHF thousands	31.12.2024	31.12.2023	+/- %
Members of the Board of Directors	670	671	– 0.1
Members of the Board of Management	1’910	1’910	0.0

d Transactions with associated companies and related parties

Transactions (e.g. securities transactions, payment transfers, lending facilities and interest on deposits) were made with related parties under the same terms and conditions as applicable to third parties. These exclude loans of up to CHF 1 million made to management, which are subject to the preferential interest rate for staff.

9Bonds issued


					in CHF thousands
Year issued	Name	Currency	Maturity	Nominal interest rate in %	Nominal value	2024	2023
2019	Liechtensteinische Landesbank AG 0.125% Senior Preferred Anleihe 2019 – 2026	CHF	28.05.2026	0.125 %	150’000	150’000	150’000
2019	Liechtensteinische Landesbank AG 0.000% Senior Preferred Anleihe 2019 – 2029	CHF	27.09.2029	0.000 %	100’000	100’000	100’000
2020	Liechtensteinische Landesbank AG 0.300% Senior Preferred Anleihe 2020 – 2030	CHF	24.09.2030	0.300 %	150’000	150’000	150’000
2023	Liechtensteinische Landesbank AG 2.5 % Senior Non-Preferred Anleihe 2023 – 2030	CHF	22.11.2030	2.500 %	150’000	150’000	150’000
2024	Liechtensteinische Landesbank AG 1.6% Senior Preferred Anleihe 2024 – 2034	CHF	30.10.2034	1.600 %	200’000	200’000

10Allowances and provisions / provisions for general banking risks

in CHF thousands	Total 31.12.2023	Provisions applied	Recoveries, overdue interest, currency differences	New provisions charged to income statement	Provisions released to income statement	Total 31.12.2024
Allowances for loan default risks
Specific allowances	33’271	– 100	1’819	397	– 6’809	28’579
Provisions for contingent liabilities and credit risks	38	0	0	0	– 15	23
Provisions for other business risks	4’015	– 74	0	964	– 1’218	3’686
Provisions for taxes and deferred taxes	13’683	– 9’765	0	13’548	– 820	16’646
Other provisions	0	0	0	0	0	0
Total allowances and provisions	51’007	– 9’939	1’819	14’909	– 8’862	48’934
Minus allowances	– 33’271					– 28’579
Total provisions according to balance sheet	17’735					20’355

Provisions for general banking risks	350’000	0		0	0	350’000

11Share capital, significant shareholders and groups of shareholders linked by voting rights


	31.12.2024			31.12.2023
in CHF thousands	Total nominal value	Quantity	Capital ranking for dividend	Total nominal value	Quantity	Capital ranking for dividend
Share capital	154’000	30’800’000	152’188	154’000	30’800’000	152’960
Total common stock	154’000	30’800’000	152’188	154’000	30’800’000	152’960

No conditional or authorised capital exists.


	31.12.2024		31.12.2023
in CHF thousands	Nominal	Holding in %	Nominal	Holding in %
With voting right: Principality of Liechtenstein	86’681	56.3	86’681	56.3
With voting right: shareholder group Haselsteiner Familien-Privatstiftung and grosso Holding Gesellschaft mbH	9’025	5.9	9’025	5.9

12Statement of equity

in CHF thousands	2024
Share capital	154’000
Share premium	47’750
Legal reserves	390’550
Reserve for own shares	13’087
Other reserves	811’443
Provisions for general banking risks	350’000
Balance sheet profit / (loss)	102’707
Total equity as at 1 January (before profit distribution)	1’869’536
Dividend and other distributions from previous year's profit	– 82’565
Net profit for the year	107’053
Allocation to provisions for general banking risks	0
Total equity as at 31 December (before profit distribution)	1’894’024

Of which:
Share capital	154’000
Share premium	47’750
Legal reserves	390’550
Reserve for own shares	24’321
Other reserves	810’209
Provisions for general banking risks	350’000
Balance sheet profit / (loss)	117’194

13Liabilities due to own pension funds

in CHF thousands	31.12.2024	31.12.2023	+/- %
Current account, call money and time deposits	7’928	4’396	80.4
Savings deposits	15	21	– 28.1
Total	7’942	4’416	79.9

Further information is provided in the relevant note to the consolidated financial statement.

14Breakdown of assets and liabilities by location


	31.12.2024		31.12.2023
in CHF thousands	Domestic ¹	Abroad	Domestic ¹	Abroad
Assets
Cash and balances with central banks	2’832’127	0	3’774’559	0
Due from banks	2’357’401	240’821	1’293’945	176’634
Loans (excluding mortgages)	819’855	471’305	882’494	366’032
Mortgage loans	7’568’057	0	7’010’619	0
Bonds and other fixed-interest securities	329’532	1’986’528	300’633	1’792’278
Shares and other non-fixed-interest securities	177’261	4’950	183’356	6’160
Participations	23	0	24	0
Shares in associated companies	284’006	369’459	284’036	369’459
Intangible assets	58’987	0	50’958	0
Fixed assets	101’235	0	87’703	0
Own shares	24’321	0	13’087	0
Other assets	423’237	199’678	220’257	202’714
Accrued income and prepayments	98’534	70’433	94’553	35’993
Total assets	15’074’577	3’343’173	14’196’224	2’949’272

Liabilities
Due to banks	743’378	1’090’484	378’727	1’126’332
Due to customers (excluding savings deposits)	7’372’632	3’936’472	7’321’828	3’521’864
Savings deposits	1’526’171	341’626	1’337’308	319’595
Certified liabilities	812’941	0	658’950	0
Other liabilities	342’187	216’684	334’011	169’280
Accrued expenses and deferred income	39’607	81’188	23’702	66’626
Provisions	20’355	0	17’735	0
Provisions for general banking risks	350’000	0	350’000	0
Share capital	154’000	0	154’000	0
Share premium	47’750	0	47’750	0
Legal reserves	390’550	0	390’550	0
Reserves for own shares	24’321	0	13’087	0
Other reserves	810’209	0	811’443	0
Profit carried forward	10’142	0	2’793	0
Profit for the year	107’053	0	99’913	0
Total liabilities	12’751’295	5’666’455	11’941’798	5’203’698

1Pursuant to the Banking Ordinance (Art. 24e, Para. 1), Switzerland is regarded as "inland".

15Geographical breakdown of assets by location


	31.12.2024		31.12.2023
	Absolute value	% of total	Absolute value	% of total
Liechtenstein / Switzerland	15’074’577	81.8	14’196’224	82.8
Europe (excluding Liechtenstein / Switzerland)	2’394’401	13.0	2’007’987	11.7
North America	528’460	2.9	545’885	3.2
South America	6’322	0.0	8’540	0.0
Africa	11’445	0.1	13’352	0.1
Asia	270’925	1.5	234’106	1.4
Others	131’619	0.7	139’401	0.8
Total assets	18’417’750	100.0	17’145’495	100.0

16Breakdown of assets and liabilities by currency

in CHF thousands	CHF	EUR	USD	Others	Total
Assets
Cash and balances with central banks	2’818’989	12’668	277	192	2’832’127
Due from banks	2’151’903	201’049	56’874	188’396	2’598’222
Loans (excluding mortgages)	776’354	306’201	153’936	54’669	1’291’160
Mortgage loans	7’568’057	0	0	– 0	7’568’057
Bonds and other fixed-interest securities	596’304	878’738	841’018	0	2’316’060
Shares and other non-fixed-interest securities	176’354	3’627	2’229	0	182’211
Participations	23	0	0	0	23
Shares in associated companies	653’465	0	0	0	653’465
Intangible assets	58’987	0	0	0	58’987
Fixed assets	101’235	0	0	0	101’235
Own shares	24’321	0	0	0	24’321
Other assets	580’929	10’249	29’356	2’382	622’915
Accrued income and prepayments	83’243	26’226	43’678	15’819	168’967
Total on-balance sheet assets	15’590’164	1’438’759	1’127’368	261’458	18’417’750
Delivery claims from forex spot, forex futures and forex options transactions	4’982’269	8’291’237	8’182’291	2’115’090	23’570’887
Total assets as at 31.12.2024	20’572’433	9’729’996	9’309’660	2’376’548	41’988’637

Liabilities
Due to banks	702’696	697’400	312’702	121’064	1’833’861
Due to customers (excluding savings deposits)	5’587’325	3’259’128	1’640’375	822’276	11’309’105
Savings deposits	1’864’975	2’822	0	– 0	1’867’797
Certified liabilities	810’239	2’702	0	0	812’941
Other liabilities	519’295	6’749	17’351	15’477	558’872
Accrued expenses and deferred income	36’012	23’744	42’948	18’091	120’795
Provisions	20’355	0	0	0	20’355
Provisions for general banking risks	350’000	0	0	0	350’000
Share capital	154’000	0	0	0	154’000
Share premium	47’750	0	0	0	47’750
Legal reserves	390’550	0	0	0	390’550
Reserves for own shares	24’321	0	0	0	24’321
Other reserves	810’209	0	0	0	810’209
Profit carried forward	10’142	0	0	0	10’142
Profit for the year	107’053	0	0	0	107’053
Total on-balance sheet liabilities	11’434’921	3’992’545	2’013’376	976’908	18’417’750
Delivery liabilities from forex spot, forex futures and forex options transactions	8’999’485	5’755’553	7’284’767	1’479’612	23’519’416
Total liabilities as at 31.12.2024	20’434’406	9’748’098	9’298’143	2’456’520	41’937’166
Net position per currency as at 31.12.2024	138’027	– 18’102	11’517	– 79’972	51’471

17Pledged or assigned assets and assets subject to reservation of ownership

in CHF thousands	31.12.2024	31.12.2023
Excluding lending transactions and pension transactions with securities
Book value of pledged and (as collateral) assigned assets	376’102	182’570
Actual commitments	0	0

Lending transactions and pension transactions with securities
Self-owned securities lent or delivered as collateral within the scope of securities lending or borrowing transactions, or self-owned securities transferred in connection with repurchase agreements	3’346	1’799
of which capable of being resold or further pledged without restrictions	3’346	1’799
Securities received as collateral within the scope of securities lending or securities received in connection with reverse repurchase agreements, which are capable of being resold or further pledged without restrictions	604’694	0
of which resold or further pledged securities	0	0

18Maturity structure of assets, liabilities and provisions

in CHF thousands	Sight deposits	Callable	Due within 3 months	Due between 3 months to 12 months	Due between 12 months to 5 years	Due after 5 years	Immo- bilised	Total
Assets
Cash and balances with central banks	2’832’127	0	0	0	0	0	0	2’832’127
Due from banks	596’537	80’000	930’000	80’800	410’556	500’329	0	2’598’222
Loans	6’198	373’004	4’670’859	593’654	2’400’258	815’243	0	8’859’217
of which mortgage loans	4’349	– 1’509	3’920’997	516’879	2’323’012	804’330	0	7’568’057
Securities and precious metals held for trading	10	0	0	0	0	0	0	10
Securities and precious metals holdings as currents assets (excluding trading positions)	2’340’559	0	0	0	0	0	0	2’340’559
Securities and precious metals holdings as fixed assets	73’736	182’023	0	0	0	0	0	255’759
Other assets	865’259	6	275’073	150’499	30’177	107’898	102’945	1’531’856
Total assets as at 31.12.2024	6’714’425	635’033	5’875’932	824’953	2’840’991	1’423’470	102’945	18’417’750
Total assets as at 31.12.2023	7’113’889	599’951	5’189’909	606’823	2’177’160	1’367’440	90’323	17’145’495

Liabilities and provisions
Due to banks	868’745	14	592’439	240’896	131’768	0	0	1’833’861
Due to customers	5’663’830	1’966’129	4’709’797	692’674	134’519	9’953	0	13’176’902
of which savings deposits	0	1’855’640	11’079	1’077	0	0	0	1’867’797
of which other liabilities	5’663’830	110’489	4’698’718	691’597	134’519	9’953	0	11’309’105
Certified liabilities	0	0	6’522	6’849	289’097	510’474	0	812’941
bonds issued	0	0	6’522	6’849	289’097	510’474	0	812’941
of which medium-term notes	0	0	6’522	6’849	39’097	10’474	0	62’941
other certified liabilities	0	0	0	0	250’000	500’000	0	750’000
Provisions (excluding provisions for general banking risks)	0	0	0	0	20’355	0	0	20’355
Other liabilities	175’229	0	220’380	147’830	29’262	106’967	0	679’667
Total liabilities and provisions as at 31.12.2024	6’707’803	1’966’143	5’529’137	1’088’249	605’001	627’394	0	16’523’726
Total liabilities and provisions as at 31.12.2023	4’915’594	1’654’415	6’941’391	961’655	314’429	488’475	0	15’275’959

Bonds and other fixed-interest securities that are due in the following financial year								593’329

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Cookies on the LLB Website

Information unaudited Information ungeprüftNotes to the balance sheet

a Types of cover

b Claims at risk

a Securities and precious metals trading positions

b Securities and precious metals holdings as current assets (excluding trading positions)

c Securities and precious metals as fixed assets

a Due from and due to participations and associated companies

b Due from and due to qualified participations and companies associated with the Principality of Liechtenstein

c Loans to corporate bodies

d Transactions with associated companies and related parties

Cookies on the LLB Website

Information unaudited Information ungeprüftNotes to the balance sheet

a Types of cover

b Claims at risk

a Securities and precious metals trading positions

b Securities and precious metals holdings as current assets (excluding trading positions)

c Securities and precious metals as fixed assets

a Due from and due to participations and associated companies

b Due from and due to qualified participations and companies associated with the Principality of Liechtenstein

c Loans to corporate bodies

d Transactions with associated companies and related parties

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