Liechtensteinische Landesbank (LLBN) H2 2025 earnings summary

Executive summary

• Achieved net profit of CHF 166.5 million in 2025, maintaining previous year's level despite integration costs and high market volatility.

• Delivered strong business results and resilience, with sustainable growth from organic expansion and acquisitions, notably integrating ZKB Österreich.

• Operating income increased by 8.1% to CHF 611.6 million, driven by higher fee, commission, and trading income, despite a decline in net interest income.

• Business volume surpassed CHF 125.9 billion, supported by positive market performance and ZKB Österreich integration.

• Maintained a stable dividend with a proposal of CHF 2.80 per share and a distribution ratio above 50% of net profit.

Financial highlights

• Group net profit reached CHF 166.5 million, down 0.4% year-over-year.

• Net fee and commission income grew 21.1% to CHF 259.2 million, supported by higher client assets and ZKB Österreich acquisition.

• Net trading income rose 9.9% to CHF 219.7 million, mainly from foreign exchange business.

• Net new money inflows totaled CHF 3.7 billion (+3.8%), and net new loans CHF 540 million (+3.3%).

• Cost-income ratio increased to 67.0% (+0.6 pp), and Tier 1 ratio improved to 19.0% (+0.3 pp).

Outlook and guidance

• ACT-26 strategy targets over 3% annual net new money and net new loans, cost-income ratio of 65% by 2026, and Tier 1 ratio above 16%.

• Net zero CO2 emissions goal set for 2040, with progress on track.

• Expectation of continued solid business results in 2026 despite geopolitical tensions and market volatility.

• Focus on finalizing ACT-26 implementation and succession strategy, with further communication planned for autumn 2026.