Liechtensteinische Landesbank’s (LLB) first-half business volume rose 9.7 percent on the year to hit 101.9 billion Swiss francs ($111.4 billion), taking it over 100 billion francs for the first time in the bank’s 160-year history, it said in a results statement Tuesday.

The rise in net profit of 18.2 percent to 71.1 million francs was even greater.

Strong New Money Flows

LLB attributed the rises to record high mortgage loans and client assets under management, as well as consistently high net money inflows, together with a positive market performance.

Net new money inflows more than doubled to 2.7 billion francs from 1.0 billion a year earlier. Assets under management grew to 88.3 billion francs from 79.7 billion at the end of 2020.

Loan Volumes Higher

Loans to clients were 2.2 percent higher year on year at 13.5 billion francs in the first with mortgages hitting a record high of 12.0 billion francs.

LLB’s first-half operating income increased 10.2 percent on the year to 231.8 million francs, with growth in all areas except trading where income fell 18.2 percent on the year to 32.4 million francs. The bank put this down to higher trading volumes in the first half of 2020 due to market turbulence.

Cautious outlook

LLB said it was confident about the full-year outlook but added that the operating environment remained challenging because of economic and geopolitical uncertainty and made it difficult to make forecasts.