Information unaudited Information ungeprüftInternational Wealth Management
The International Wealth Management segment focuses on international private banking clients as well as institutional and investment fund clients. In the private banking business area the emphasis lies on Austria and other markets in Central Europe.
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 encompasses 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 business segment result before taxes increased by 16.7 per cent to CHF 69.2 million (first half of 2025: CHF 59.3 million). Operating income rose by 6.2 per cent to CHF 137.4 million (first half of 2025: CHF 129.5 million). Pleasing growth was achieved in fee and commission income, which rose by 1.7 per cent to CHF 86.2 million (first half of 2025: CHF 84.8 million). Higher average client assets under management had a beneficial impact on this result. As a result of lower interest rate levels, as expected, interest income contracted to CHF 29.7 million (first half of 2025: CHF 33.1 million). At CHF 10.6 million, trading income was slightly below the previous year’s figure (first half of 2025: CHF 11.6 million). Other income increased to CHF 10.9 million, driven mainly by earnings in connection with the strategic withdrawal from the Middle East business and the associated referrals agreement with Rothschild & Co Bank AG.
Operating expenses fell by 2.7 per cent to CHF 68.2 million (first half of 2025: CHF 70.1 million). The reduction was largely attributable to lower personnel costs and general administration expenses. Accordingly, the Cost Income Ratio improved substantially to 49.6 per cent (first half of 2025: 53.7 %).
The segment registered a positive net new money inflow of CHF 1‘294 million. The growth was broadly based and driven by contributions from various business areas. At the same time, the result includes the net outflows incurred so far as a result of the strategic withdrawal from the Middle East. Client assets under management expanded by 5.7 per cent to CHF 88.3 billion. In total, the business volume expanded by 5.5 per cent to CHF 89.6 billion, a new record.
Segment reporting
in CHF thousands | First half 2026 | First half 2025 1 | +/- % |
Net interest income | 29’681 | 33’060 | – 10.2 |
Expected credit losses | – 61 | 70 | |
Net interest income after expected credit losses | 29’619 | 33’130 | – 10.6 |
Net fee and commission income | 86’244 | 84’772 | 1.7 |
Net trading income | 10’623 | 11’554 | – 8.1 |
Other income 2 | 10’941 | 0 | |
Total operating income | 137’428 | 129’455 | 6.2 |
Personnel expenses | – 32’193 | – 34’483 | – 6.6 |
General and administrative expenses | – 4’165 | – 5’580 | – 25.4 |
Depreciation | – 188 | – 300 | – 37.2 |
Services (from) / to segments | – 31’700 | – 29’788 | 6.4 |
Total operating expenses | – 68’246 | – 70’150 | – 2.7 |
Segment profit before tax | 69’182 | 59’305 | 16.7 |
1The Asset Management Business Area has been integrated in the International Wealth Management Division since 1 January 2026 (formerly in the Corporate Center). The figures for the comparative period have been restated to reflect the adjusted segment structure.
2Contains revenues received from the referral agreement concluded in connection with the strategic withdrawal from the Middle East business amounting to CHF 10.9 million in the first half of 2026
Performance figures
First half 2026 | First half 2025 | |
Gross margin (in basis points) 1 | 29.3 | 32.8 |
Cost Income Ratio (in per cent) 1/2 | 49.6 | 53.7 |
Net new money (in CHF millions) 1 | 1’294 | 954 |
Growth of net new money (in per cent) 1 | 1.5 | 1.3 |
1Definition available under llb.li/investors-apm
2The Asset Management Business Area has been integrated in the International Wealth Management Division since 1 January 2026 (formerly in the Corporate Center). The figure for the comparative period has been restated to reflect the adjusted segment structure.
Additional information
30.06.2026 | 31.12.2025 2 | +/- % | |
Business volume (in CHF millions) 1 | 89’650 | 84’950 | 5.5 |
Assets under management (in CHF millions) 1 | 88’308 | 83’580 | 5.7 |
Loans (in CHF millions) | 1’341 | 1’370 | – 2.1 |
Employees (full-time equivalents, in positions) | 348 | 349 | – 0.1 |
1Definition available under llb.li/investors-apm
2The Asset Management Business Area has been integrated in the International Wealth Management Division since 1 January 2026 (formerly in the Corporate Center). The figures for the comparative period have been restated to reflect the adjusted segment structure.