Advance information on the 2013 annual financial statement LLB-Group generates
net profit of CHF 54 million Vaduz, 7 February 2014. The LLB Group has
successfully achieved important milestones in its implementation of the
Focus2015 strategy and is on course. Operating performance increased
significantly in the second half of 2013. The 2013 net profit is CHF 54
million. In mid-2013, profit was still at CHF 13.6 million. Special factors
influenced both the income and the expense side.
During the 2013 business year, the LLB Group successfully implemented all
envisaged strategic initiatives and achieved important milestones of the
Focus2015 strategy. LLB (Switzerland) Ltd. was closed and the Lugano branch
was sold; the sale of Jura Trust AG and the adjustment of the distribution
network were also brought to a successful completion. As a consequence, the
number of full-time equivalents dropped from 1'090 to 925. These measures are
leading to a focus on clearly defined client segments and markets. They also
reduce complexity as well as costs, thus increasing profitability.
Special factors influenced both operating income and operating expenses. These
include the provisions for the US tax issues already communicated in the 2013
midyear report and the restructuring in the course of Focus2015. In the 2013
business year, operating expenses of the LLB Group rose by 19 % over the
previous year to CHF 487 million. Operating expenses increased by 42 % to CHF
426 million. Adjusted by special factors, operating income remained at the
previous year's level and operating expenses fell by 10 %. The LLB Group was
thus able to increase its profitability significantly in the second half of
2013. For the 2013 business year, it generated net profit of CHF 54 million
(2012: CHF 97.9 million). Adjusted by special factors, the LLB Group's net
profit would be about CHF 112 million.
The closure of LLB (Switzerland) Ltd. and the sale of the Lugano branch had
the expected impact on loans to clients, client assets, and net new money.
Loans to clients amounted to CHF 10.2 billion at the end of 2013 (31 December
2012: CHF 10.6 billion). Client assets fell by CHF 0.8 billion to CHF 49.1
billion (31 December 2012: CHF 49.9 billion) with an outflow of net new money
of approximately CHF 2.2 billion. Adjusted by the outflows due to closure of
LLB (Switzerland) Ltd. and the sale of the Lugano branch, loans to clients
would have increased by CHF 280 million and the inflow of net new money would
have been CHF 1.1 billion.
These figures have not yet been audited. The LLB Group will announce detailed
information at the presentation of the 2013 annual financial statement on 25
*Tuesday, 25 March 2014, 2013 annual results
*Friday, 9 May 2014, 22nd General Meeting of Shareholders
*Thursday, 28. August 2014, Semi-Annual Financial Statement 2014
The Liechtensteinische Landesbank AG (LLB) is the longest established
financial institute in the Principality of Liechtenstein. The Principality of
Liechtenstein holds the majority of the company's share capital. The LLB's
shares are listed on the SIX Swiss Exchange (symbol: LLB). The LLB Group
offers its clients comprehensive wealth management services, as a universal
bank, in private banking, asset management and fund services. With around 925
employees (full-time equivalents), the LLB is represented in Liechtenstein,
Switzerland, Austria, and in the United Arab Emirates (Abu Dhabi and Dubai).
As per 31 December 2013, the LLB Group managed client assets totalling CHF
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