The LLB’s operating income amounted to 283 million francs in the first semester, representing an increase of 5.9 percent.

According to the figures presented on Monday by the 160-year-old institution, this growth was driven by net new money inflows, higher customer loans, and positive developments in the financial markets.

Increased Inflows from Austria, Germany, and Online

Customer loans rose to 15.6 billion francs, largely attributed to success in the mortgage business (+4 percent compared to the end of 2023). Mortgage receivables thus increased to over 14 billion percent.

In addition to mortgages, the net inflow of new money was a key contributor to LLB's growth. The bank generated new money inflows totaling 792 million francs (annualized 1.8 percent). The expansion into Germany paid off, and significant inflows were also recorded at LLB Austria and through the digital platform «wiLLBe.»

Customer assets reached an all-time high of 94.3 billion francs (+1.7 percent year-on-year).

Declines in Interest Income

Operating income grew by 5.9 percent to 283 million francs in the first half of 2024. While the fee and commission business outperformed last year's result by nearly 5 million francs, both the interest and trading businesses saw a decline of 5 million francs.

Provision for credit losses were decreased following the successful resolution and closure of several longstanding cases.

Expansion of Workforce Increases Operating Expenses

Operating expenses rose by 8 percent to 177.2 million francs, driven primarily by increased personnel costs. Over the past year, the LLB Group added nearly one hundred new positions, largely due to the expansion of new locations in Germany an Switzerland. The company also expanded its workforce in the area of digitalization.

The cost-income ratio rose to 65.2 percent (first semester 2023: 61 percent).

Georg Wohlwend, Chairman of the Board of Directors commented on the results: «Thanks to a forward-looking strategy, a diversified business model, and a consistent approach to our values, we are a bank that can excel even in a challenging environment.»