LLB Group profit at previous year’s level

"In 2025, the consistent implementation of our ACT-26 strategy showed positive results and sustainably strengthened the LLB Group’s position. The fact that we again achieved a solid business result in a continuing challenging environment testifies to the resilience of our business model", summarised Chairman of the Board Georg Wohlwend.

Business volume expands again

In 2025, the LLB Group again expanded its business volume. For the first time, it exceeded the CHF 125-billion mark, sustainably strengthening its position in its core markets. The increase was attributable to good organic growth, the integration of ZKB Österreich and the positive performance of the financial markets. Client assets under management also registered a pleasing increase, climbing around 12.2 per cent or CHF 11.9 billion above the previous year’s level. CHF 3.2 billion of this increase was attributable to the takeover of ZKB Österreich. In addition to the acquisitional effect, a good market performance contributed to the result. The strength of the Swiss franc generated a counter effect, leading to a negative currency influence. Net new money inflows amounted to CHF 3.7 billion, corresponding to a growth rate of 3.8 per cent. The inflows are broadly diversified, spread over both market divisions and all three booking centres.

The LLB Group utilised the 2025 business year to enhance the profitability of its lending book. New loans were granted only on a very selective basis, which led to a decrease in the number of net new loans in the first half year. Over the second half year the LLB Group’s loan book again expanded. Over the whole year, net new loans totalled CHF 540 million, corresponding to a growth rate of 3.3 per cent.

Broadly supported earnings base

At CHF 166.5 million (2024: CHF 167.2 million), Group net profit attained the same level as in the previous year. Operating income amounted to CHF 611.6 million in 2025, CHF 45.9 million above the previous year’s figure. The increase was largely attributable to the takeover and consolidation of the former ZKB Österreich. A sharp increase of around CHF 45.2 million year-on-year was registered especially with net fee and and commission income. The result was boosted additionally by higher average volumes and intensified client activities.

At the same time, interest differential and trading business ran in opposite directions. On account of lower interest rates, interest income was around CHF 11.2 million below the previous year. In contrast, at around CHF 219.7 million, trading income was above the previous year’s level due to the larger difference in interest rates between the Swiss franc and foreign currencies, as well as the higher level of client trading in foreign exchange.

Expenses firmly under control

Operating expenses totalled CHF 410.4 million in 2025 (2024: CHF 369.5 million). This level of higher expenses was expected and was predominately due to the takeover of the former ZKB Österreich as well as the associated one-time integrations costs of around CHF 10 million.

Thanks to strict cost discipline, clear priorities and gains achieved through synergy and efficiency measures, the LLB Group again succeeded in enhancing its profitability.

In spite of the integration of around 100 employees of the former ZKB Österreich, the total Group headcount rose by only eight full-time equivalent positions in comparison with the previous year. The cost/income ratio stood at 67.0 per cent. Again, the increase was primarily the result of the higher costs in connection with the integration of the former ZKB Österreich. Without considering the one-time integration costs, the cost/income ratio would total 65.4 per cent.

The LLB Group’s capitalisation remained absolutely solid, reflected in its tier 1 ratio of 19.0 per cent.
 

Key figures at a glance

The State of Liechtenstein benefits from around CHF 65 million.

In the 2025 business year, dividends and taxes of CHF 64.6 million (2024: CHF 59.3 million) were credited to the State of Liechtenstein. As the majority shareholder, the Principality benefits – as do all investors and private shareholders – from the LLB Group’s attractive dividend policy. At the forthcoming General Meeting of Shareholders on 17 April 2026, the Board of Directors of the LLB Group will propose an unchanged dividend of CHF 2.80 (2025: CHF 2.80). The dividend yield will therefore amount to 3.3 per cent.

Re-elections at the General Meeting

At the General Meeting in April, the three-year terms of office of two members of the Board of Directors, Dr. Nicole Brunhart and Dr. Christian Wiesendanger, come to an end. Both have been members of the Board of Directors since 2023 and both will seek re-election for another term of office.

Outlook

In 2026 again, geopolitical tensions and a volatile market environment are expected to continue. Nevertheless, Group CEO Christoph Reich is confident: "In 2025, we determinedly implemented our strategy and thereby attained key milestones. In this year we shall successfully complete ACT-26 as planned and on time. Thanks to our strong position in our four core markets, we are well prepared to continue our profitable growth. Furthermore, we have already proven in previous years that we can still be successful even in a challenging environment. We therefore expect to achieve a solid business result for the 2026 business year."

Following a phase of targeted investments in growth and innovation, the focus in the last year of the current strategy period lies on the core element of efficiency. Work on the successor strategy has already commenced. This will be presented in autumn 2026.

Additional information

The documents relating to the LLB Group's 2025 annual results (media communiqué, 2025 financial report and presentation) will be available on the website at llb.li/mm-businessresult2025 from 7 a.m. on 20 February 2026.

Disclaimer

To measure our performance, we employ alternative key financial figures, which are not defined in the International Financial Reporting Standards (IFRS). Details can be seen at
llb.li/investoren-apm.