Information unaudited Information ungeprüftNotes to the consolidated income statement
1Net interest income
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Interest income from financial instruments measured at amortised cost | |||
Due from banks | 35’314 | 73’654 | – 52.1 |
Loans | 132’067 | 156’443 | – 15.6 |
Debt instruments | 20’368 | 20’316 | 0.3 |
Loan commissions with the character of interest | 2’938 | 1’367 | 114.9 |
Received negative interest | 1’245 | 1’118 | 11.4 |
Total interest income from financial instruments measured at amortised cost | 191’932 | 252’898 | – 24.1 |
Interest income from financial instruments, measured at fair value through other comprehensive income | |||
Debt instruments | 5’188 | 7’600 | – 31.7 |
Total interest income from financial instruments, measured at fair value through other comprehensive income | 5’188 | 7’600 | – 31.7 |
Interest income from financial instruments measured at fair value through profit and loss | |||
Debt instruments | – 43 | 334 | |
Interest rate derivatives | – 7 | 400 | |
Total interest income from financial instruments measured at fair value through profit and loss | – 51 | 735 | |
Total interest income | 197’070 | 261’233 | – 24.6 |
Interest expenses from financial instruments measured at amortised cost | |||
Due to banks | – 7’428 | – 16’069 | – 53.8 |
Due to customers | – 112’443 | – 166’153 | – 32.3 |
Paid negative interest | – 912 | – 1’146 | – 20.4 |
Lease liabilities | – 229 | – 196 | 17.3 |
Debt issued | – 12’969 | – 9’243 | 40.3 |
Total interest expenses from financial instruments measured at amortised cost | – 133’982 | – 192’807 | – 30.5 |
Interest expenses from financial instruments measured at fair value through profit and loss | |||
Interest rate derivatives | 10 | – 696 | |
Total interest expenses from financial instruments measured at fair value through profit and loss | 10 | – 696 | |
Total interest expenses | – 133’972 | – 193’504 | – 30.8 |
Total net interest income | 63’098 | 67’729 | – 6.8 |
2Net fee and commission income
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Brokerage fees | 22’176 | 19’949 | 11.2 |
Custody fees | 24’382 | 23’293 | 4.7 |
Advisory and management fees | 37’098 | 29’333 | 26.5 |
Investment fund fees | 89’326 | 76’570 | 16.7 |
Credit-related fees and commissions | 1’120 | 543 | 106.2 |
Commission income from other services | 14’020 | 14’021 | – 0.0 |
Total fee and commission income | 188’121 | 163’708 | 14.9 |
Brokerage fees paid | – 4’155 | – 3’752 | 10.7 |
Other fee and commission expenses | – 57’640 | – 57’607 | 0.1 |
Total fee and commission expenses | – 61’795 | – 61’360 | 0.7 |
Total net fee and commission income | 126’326 | 102’348 | 23.4 |
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 2025 | First half 2024 | +/- % |
Total all-in fees | 24’008 | 19’480 | 23.2 |
of which brokerage | 7’706 | 4’382 | 75.8 |
of which securities administration | 3’939 | 3’235 | 21.8 |
of which asset management | 12’363 | 11’863 | 4.2 |
3Net trading income
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Foreign exchange trading | 107’740 | 88’790 | 21.3 |
Foreign note trading | – 163 | 798 | |
Precious metals trading | 2’502 | 1’376 | 81.9 |
Interest rate instruments 1 | – 1 | 455 | |
Total net trading income | 110’078 | 91’420 | 20.4 |
1The 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 2025 | First half 2024 | +/- % |
Financial investments measured at fair value through profit and loss | |||
Dividend income | 109 | 176 | – 38.3 |
Price gains 1 | 1’064 | 659 | 61.5 |
Total net income from financial investments measured at fair value through profit and loss | 1’173 | 835 | 40.4 |
Financial investments, measured at fair value through other comprehensive income | |||
Dividend income | 6’025 | 6’088 | – 1.0 |
of which from financial investments held on the balance sheet date | 5’981 | 5’992 | – 0.2 |
of which from financial investments sold during the reporting period 2 | 44 | 96 | – 53.7 |
Realised gain | 0 | 0 | |
Total net income from financial investments, measured at fair value through other comprehensive income | 6’025 | 6’088 | – 1.0 |
Total net income from financial investments | 7’198 | 6’923 | 4.0 |
1The realised price gains for the first half of 2025 amounted to CHF thousands 44 (first half of 2024: minus CHF thousands 30).
2Further details are provided in note 10.
5Other income
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Net income from properties 1 | 1’295 | 1’255 | 3.2 |
Income from various services | 763 | 344 | 122.0 |
Share of income from associated companies and joint venture | – 1 | 1 | |
Additional other income 2 | – 18 | 1’968 | |
Total other income | 2’039 | 3’568 | – 42.8 |
1Net income from properties primarily consisted of rental income as well as profit from the sale of properties.
2Additional other income contains an amount of CHF 1.3 million for the sale of a value-adjusted customer receivable in the first half of 2024.
6Personnel expenses
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Salaries | – 100’672 | – 94’285 | 6.8 |
Pension and other post-employment benefit plans 1 | – 10’861 | – 5’861 | 85.3 |
Other social contributions | – 12’358 | – 10’646 | 16.1 |
Training costs | – 793 | – 905 | – 12.4 |
Other personnel expenses 2 | – 5’738 | – 1’957 | 193.3 |
Total personnel expenses | – 130’422 | – 113’654 | 14.8 |
1Contains a positive, one-time effect of CHF 3.1 million on account of plan adjustments to the Swiss pension plans in the first half of 2024.
2Contains restructuring provisions of CHF 3.8 million in the first half year 2025
7General and administrative expenses
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Occupancy | – 3’161 | – 3’433 | – 7.9 |
Expenses for IT, machinery and other equipment | – 20’027 | – 17’277 | 15.9 |
Information and communication expenses | – 10’535 | – 9’883 | 6.6 |
Marketing and public relations | – 7’232 | – 7’133 | 1.4 |
Consulting and audit fees | – 2’136 | – 2’510 | – 14.9 |
Provisions for legal and litigation risks 1 | – 1’727 | 73 | |
Litigation, legal and representation costs | – 855 | – 453 | 88.7 |
Contributions to Deposit Protection Fund | – 1’610 | – 1’162 | 38.5 |
Other general and administrative expenses | – 7’434 | – 4’322 | 72.0 |
Total general and administrative expenses | – 54’717 | – 46’099 | 18.7 |
1See note 12 for details
8Tax expenses
in CHF thousands | First half 2025 | First half 2024 | +/- % |
Current taxes 1 | – 16’803 | – 14’652 | 14.7 |
Deferred taxes | – 345 | – 907 | – 62.0 |
Total tax expenses | – 17’148 | – 15’560 | 10.2 |
1Of which income taxes due to global minimum taxation: CHF 1.1 million (previous year: not applicable)
LLB applies the legal provisions for the implementation of the OECD/G20 global minimum taxation including the framework on BEPS (Global Anti-Base Erosion “GloBE” or pillar 2) for the first time in 2025. In accordance with the prohibition on recognition, no deferred tax positions will be recognised.
9Earnings per share
First half 2025 | First half 2024 | +/- % | |
Net profit attributable to the shareholders of LLB (in CHF thousands) | 90’974 | 90’159 | 0.9 |
Weighted average shares outstanding | 30’393’062 | 30’569’303 | – 0.6 |
Basic earnings per share (in CHF) | 2.99 | 2.95 | 1.5 |
Net profit for diluted earnings per share attributable to the shareholders of LLB (in CHF thousands) | 90’974 | 90’159 | 0.9 |
Weighted average shares outstanding for diluted earnings per share | 30’545’367 | 30’710’648 | – 0.5 |
Diluted earnings per share (in CHF) | 2.98 | 2.94 | 1.5 |
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.