LLB: Advance information on the 2014 annual financial statement Donnerstag, 05. Februar 2015 - 07:00
Media communiqué
Advance information on the 2014 annual financial statement
Vaduz, 5 February 2015. The LLB Group increased its annual profit significantly in 2014. It expects a net profit of CHF 72 million (+35%). From today’s perspective, the current interest rate and currency environment will be a drag on the annual profit in 2015.
In 2014 the LLB Group achieved operating income of CHF 342 million. Operating expenses were CHF 271 million. Adjusted for the 2013 sale of Jura Trust Group, the closure of LLB (Switzerland) Ltd., and one-off effects, operating income fell by 10% compared with the previous year (CHF 380 million). Even though operating performance improved, interest rate hedge costs were responsible for this decline. On a comparable basis, operating expenses were reduced by 3% from CHF 280 million to CHF 271 million. The net profit was CHF 72 million, a gratifying increase of 35% over the previous year (CHF 53.8 million).
Assets under management rose by 2% from CHF 49.1 billion to CHF 50.2 billion, and loans to clients rose by 5% from CHF 10.2 billion to CHF 10.7 billion.
In the current year, the LLB Group is aiming to further strengthen operating performance. At the same time, it expects a lower net profit in the 2015 business year as a consequence of the recent decisions of the Swiss National Bank. Despite successful strategic repositioning, it is not expected from today's perspective that all quantitative targets for 2013 – 2015 will be achieved, given the current negative situation in regard to market interest rates.
These figures have not yet been audited. The LLB Group will announce detailed information at the presentation of the 2014 annual results on 10 March 2015.
Important dates
- Tuesday, 10 March 2015, Presentation of the 2014 Annual Results
- Friday, 8 May 2015, 23rd Ordinary General Meeting of Shareholders
- Thursday, 27 August 2015, 2015 Semi-Annual Financial Statement
