Half Year Report 2024 - Liechtensteinische Landesbank

1Net interest income

in CHF thousands	First half 2024	First half 2023	+ / – %
Interest income from financial instruments measured at amortised cost
Due from banks	73'654	57'242	28.7
Loans	156'443	119'272	31.2
Debt instruments	20'316	4'260	376.9
Loan commissions with the character of interest	1'367	1'794	– 23.8
Received negative interest	1'118	1'428	– 21.7
Total interest income from financial instruments measured at amortised cost	252'898	183'997	37.4

Interest income from financial instruments, recognised at fair value through other comprehensive income
Debt instruments	7'600	10'511	– 27.7
Total interest income from financial instruments, recognised at fair value through other comprehensive income	7'600	10'511	– 27.7

Interest income from financial instruments at fair value through profit and loss
Debt instruments	334	130	157.4
Interest rate derivatives	400	3'861	– 89.6
Total interest income from financial instruments at fair value through profit and loss	735	3'991	– 81.6

Total interest income	261'233	198'498	31.6

Interest expenses from financial instruments measured at amortised cost
Due to banks	– 16'069	– 11'286	42.4
Due to customers	– 166'153	– 97'963	69.6
Paid negative interest	– 1'146	– 1'375	– 16.6
Lease liabilities	– 196	– 136	43.7
Debt issued	– 9'243	– 4'656	98.5
Total interest expenses from financial instruments measured at amortised cost	– 192'807	– 115'415	67.1

Interest expenses from financial instruments measured at fair value through profit and loss
Interest rate derivatives	– 696	– 1'296	– 46.3
Total interest expenses from financial instruments at fair value through profit and loss	– 696	– 1'296	– 46.3

Total interest expenses	– 193'504	– 116'711	65.8

Total net interest income	67'729	81'787	– 17.2

2Net fee and commission income

in CHF thousands	First half 2024	First half 2023	+ / – %
Brokerage fees	19'949	20'492	– 2.7
Custody fees	23'293	24'696	– 5.7
Advisory and management fees	29'333	26'969	8.8
Investment fund fees	76'570	77'143	– 0.7
Credit-related fees and commissions	543	399	36.2
Commission income from other services	14'021	14'166	– 1.0
Total fee and commission income	163'708	163'865	– 0.1

Brokerage fees paid	– 3'752	– 5'459	– 31.3
Other fee and commission expenses	– 57'607	– 60'726	– 5.1
Total fee and commission expenses	– 61'360	– 66'185	– 7.3

Total net fee and commission income	102'348	97'680	4.8

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 2024	First half 2023	+ / – %
Total all-in fees	19'480	16'253	19.9
of which brokerage	4'382	4'633	– 5.4
of which securities administration	3'235	2'795	15.7
of which asset management	11'863	8'825	34.4

3Net trading income

in CHF thousands	First half 2024	First half 2023	+ / – %
Foreign exchange trading	88'790	81'302	9.2
Foreign note trading	798	– 105
Precious metals trading	1'376	1'002	37.2
Interest rate instruments 1	455	319	42.9
Total net trading income	91'420	82'518	10.8

1 The LLB Group employs interest rate swaps to hedge interest rate risks. The interest rate swaps reported here do not fulfil the approval criteria for booking as hedging transactions in accordance with IAS 39.

4Net income from financial investments

in CHF thousands	First half 2024	First half 2023	+ / – %
Financial investments at fair value through profit and loss
Dividend income	176	589	– 70.1
Price gains 1	659	749	– 12.0
Total net income from financial investments at fair value through profit and loss	835	1'337	– 37.6

Financial investments, recognised at fair value through other comprehensive income
Dividend income	6'088	5'637	8.0
of which from financial investments held on the balance sheet date	5'992	5'462	9.7
of which from financial investments sold during the reporting period 2	96	175	– 45.3
Realised gain	0	– 81	– 100.0
Total net income from financial investments, recognised at fair value through other comprehensive income	6'088	5'556	9.6

Total net income from financial investments	6'923	6'894	0.4

1 The realised price gains for the first half of 2024 amounted to minus CHF thousands 30 (first half of 2023: minus CHF thousands 207).

2 Further details are provided in note 10.

5Other income

Notes to the consolidated income statement (unaudited)

in CHF thousands	First half 2024	First half 2023	+ / – %
Net income from properties 1	1'255	– 231
Income from various services	344	365	– 6.0
Share of income from associated companies and joint venture	1	5	– 79.3
Additional other income 2	1'968	319	517.3
Total other income	3'568	459	678.0

1 In the first half of 2024, net income from properties consisted of rental income and the profit from the sale of properties (first half of 2023: rental income and market-related revaluation adjustments of property).

2 Additional other income contains an amount of CHF 1.3 million for the sale of a value-adjusted customer receivable.

6Personnel expenses

in CHF thousands	First half 2024	First half 2023	+ / – %
Salaries	– 94'285	– 82'713	14.0
Pension and other post-employment benefit plans 1	– 5'861	– 6'716	– 12.7
Other social contributions	– 10'646	– 9'346	13.9
Training costs	– 905	– 1'146	– 21.0
Other personnel expenses	– 1'957	– 1'743	12.2
Total personnel expenses	– 113'654	– 101'664	11.8

1 Contains a positive, one-time effect of CHF 3.1 million on account of plan adjustments to the Swiss pension plans.

7General and administrative expenses

in CHF thousands	First half 2024	First half 2023	+ / – %
Occupancy	– 3'433	– 2'923	17.4
Expenses for IT, machinery and other equipment	– 17'277	– 15'085	14.5
Information and communication expenses	– 9'883	– 9'918	– 0.4
Marketing and public relations	– 7'133	– 4'139	72.3
Consulting and audit fees	– 2'510	– 3'216	– 22.0
Provisions for legal and litigation risks 1	73	3
Litigation, legal and representation costs	– 453	– 288	57.6
Contributions to Deposit Protection Fund	– 1'162	– 2'689	– 56.8
Other general and administrative expenses	– 4'322	– 4'224	2.3
Total general and administrative expenses	– 46'099	– 42'479	8.5

1 See note 12 for details

8Tax expenses

in CHF thousands	First half 2024	First half 2023	+ / – %
Current taxes	– 14'652	– 9'693	51.2
Deferred taxes	– 907	– 4'565	– 80.1
Total tax expenses	– 15'560	– 14'258	9.1

9Earnings per share

	First half 2024	First half 2023	+ / – %
Net profit attributable to the shareholders of LLB (in CHF thousands)	90'159	88'585	1.8
Weighted average shares outstanding	30'569'303	30'643'989	– 0.2
Basic earnings per share (in CHF)	2.95	2.89	2.0

Net profit for diluted earnings per share attributable to the shareholders of LLB (in CHF thousands)	90'159	88'585	1.8
Weighted average shares outstanding for diluted earnings per share	30'710'648	30'796'543	– 0.3
Diluted earnings per share (in CHF)	2.94	2.88	2.1

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.

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