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Information unaudited Information ungeprüftConsolidated statement 
of cash flows

in CHF thousands

Note

First half 2025

First half 2024

Cash flow from / (used in) operating activities

Interest received

191’930

259’198

Interest paid

– 133’676

– 191’505

Fees and commission received

194’211

160’610

Fees and commission paid

– 62’447

– 42’014

Trading income

108’992

89’299

Dividends received from financial investments

4

6’134

6’264

Other income

1’604

3’175

Payments for personnel, general and administrative expenses

– 181’201

– 191’863

Income tax paid

– 9’212

– 7’021

Cash flow from operating activities, before changes in operating assets and liabilities

116’334

86’143

Due from / to banks

– 949’780

– 284’825

Loans / due to customers

241’134

– 369’974

Other assets

– 40’551

– 13’277

Other liabilities

– 458

15’260

Changes in operating assets and liabilities

– 749’655

– 652’815

Net cash flow from / (used in) operating activities

– 633’321

– 566’672

Cash flow from / (used in) investing activities

Purchase of property and equipment

– 6’465

– 7’481

Purchase of other intangible assets

– 9’399

– 6’552

Purchase of financial investments

– 207’177

– 509’915

Disposal of financial investments

381’811

223’579

Purchase of non-current assets held for sale

0

0

Sale of non-current assets held for sale

2’836

3’331

Acquisition of fully consolidated companies minus cash and cash equivalents

238’936

0

Net cash flow from / (used in) investing activities

400’541

– 297’038

Cash flow from / (used in) financing activities

Purchase of treasury shares

– 7’737

– 7’439

Dividends paid

– 85’207

– 82’565

Dividends paid to non-controlling interests

– 199

– 134

Increase in non-controlling interests

15

8

Repayment of lease liabilities

– 3’326

– 3’173

Issuance of debt

185’610

210’713

Repayment of debt

– 92’429

– 56’768

Issuance of bonds

200’000

0

Net cash flow from / (used in) financing activities

196’726

60’641

Effects of foreign currency translation on cash and cash equivalents

– 19’096

40’923

Net increase / (decrease) in cash and cash equivalents

– 55’149

– 762’146

Cash and cash equivalents at beginning of the period

6’513’712

6’706’886

Cash and cash equivalents at end of the period

6’458’562

5’944’740

Cash and cash equivalents comprise:

Cash and balances with central banks

6’051’979

5’586’320

Due from banks (due daily)

406’583

358’420

Total cash and cash equivalents

6’458’562

5’944’740