Liechtensteinische Landesbank (LLB) had a profit of 43 million Swiss francs in the six months through June, 5.5 percent up from the same period in 2015 and despite a «challenging economic environment», as the company said in a statement today.

Operating income rose 5.6 percent to 155.1 million francs. Interest income increased 5.2 percent to 68.3 million francs and interest earnings from client business added 7.7 percent.

Stock Market Restraint

Net fee and commission income declined 5.5 percent to 71.3 million francs. «Persisting uncertainty on the financial markets led to further client restraint in making stock market transactions,» LLB said in the statement.

Assets under management at LLB declined 300 million francs to 45.3 billion by the end of June, a drop due to exchange-related factors, the bank said.

Momentum Maintained

Net new money inflow was positive in the domestic and growth markets, according to the company. In total, the outflows narrowed to 42 million francs as compared with the 166 million in the first half of 2015.

LLB expects the economic situation to remain challenging throughout the year but remains optimistic about its own performance. «Our goals and our course are clearly defined and we shall strive to maintain the momentum,» said LLB CEO Roland Matt.