International Wealth Management
Information unaudited 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 Liechtenstein, Swiss, Austrian, and German markets, as well as the other growth markets in Central Europe and the Middle East. Investment advisory services, wealth management, asset structuring, financing facilities, as well as financial and retirement planning are our core competencies for these clients. The investment fund and institutional clients business areas encompass clients such as fiduciaries, asset managers, fund promoters, family offices as well as insurance companies, pension funds and public institutions. The focus lies on the home markets of Liechtenstein, Switzerland, Germany and Austria.
Business segment result
The segment result before taxes of the International Wealth Management Division amounted to CHF 59.7 million. In comparison with the equivalent period in the previous year, this represents a fall of 6.2 per cent. Operating income remained stable at CHF 122.4 million. Thanks to higher client assets under management, fee and commission income rose by 8.8 per cent to CHF 67.1 million. This increase compensated for the fall in interest income, which was attributable to clients switching their assets into fixed-interest products. In addition, a reduction occurred in the volume of high-margin client deposits in US dollars. In line with strategy, operating expenses rose by CHF 4.6 million to CHF 62.7 million.
Solid growth was achieved with net new money inflows, which climbed by CHF 560 million. Gratifying increases were registered especially in investment fund business. On account of this factor as well as the positive market and currency development, client assets under management expanded by 11.1 per cent to CHF 73.4 billion.
Segment reporting
|
in CHF thousands |
First half 2024 |
First half 2023 |
+ / – % |
|
Net interest income |
45'585 |
52'125 |
– 12.5 |
|
Expected credit losses |
– 17 |
0 |
|
|
Net interest income after expected credit losses |
45'567 |
52'125 |
– 12.6 |
|
Net fee and commission income |
67'143 |
61'729 |
8.8 |
|
Net trading income |
9'659 |
9'491 |
1.8 |
|
Other income |
1 |
– 1'612 |
|
|
Total operating income |
122'370 |
121'734 |
0.5 |
|
Personnel expenses |
– 24'867 |
– 23'147 |
7.4 |
|
General and administrative expenses |
– 2'881 |
– 2'612 |
10.3 |
|
Depreciation |
– 183 |
– 173 |
5.3 |
|
Services (from) / to segments |
– 34'723 |
– 32'170 |
7.9 |
|
Total operating expenses |
– 62'654 |
– 58'102 |
7.8 |
|
Segment profit before tax |
59'716 |
63'632 |
– 6.2 |
Performance figures
|
|
First half 2024 |
First half 2023 |
|
Gross margin (in basis points) 1 |
33.8 |
37.4 |
|
Cost Income Ratio (in per cent) 1 |
51.2 |
47.7 |
|
Net new money (in CHF millions) 1 |
560 |
208 |
|
Growth of net new money (in per cent) 1 |
0.9 |
0.3 |
1 Definition available under www.llb.li/investors-apm
Additional information
|
|
30.06.2024 |
31.12.2023 |
+ / – % |
|
Business volume (in CHF millions) 1 |
73'448 |
66'130 |
11.1 |
|
Assets under management (in CHF millions) 1 |
72'558 |
65'287 |
11.1 |
|
Loans (in CHF millions) |
890 |
843 |
5.6 |
|
Employees (full-time equivalents, in positions) |
281 |
268 |
4.5 |
1 Definition available under www.llb.li/investors-apm