Business volume attains a new record

At CHF 132 billion, the LLB Group’s business volume exceeded the CHF 130-billion mark for the first time, a new record. In comparison with the end of December 2025, this corresponds to an increase of 5.0 per cent. At CHF 115 billion, client assets under management also achieved a new record. The increase was driven by broadly based growth and the positive development on the financial markets.

Net new money inflows totalled CHF 2.2 billion (first half of 2025: CHF 1.4 billion), corresponding to an annualised growth rate of 4.1 per cent. The inflows were broadly based with both market divisions (Retail and Corporate Banking and International Wealth Management) and all three booking centres (in Liechtenstein, Switzerland and Austria) contributing to the result. After focusing on enhancing the efficiency of its lending book in the previous year, the LLB Group returned to boosting growth with net new loans. These amounted to CHF 211 million (first half of 2025: CHF -239 million), corresponding to an annualised increase of 2.5 per cent. 

“The market environment remained challenging in the first half year of 2026. The fact that we were nevertheless able to increase our business result while at the same time improving our efficiency shows the effectiveness of our business model and that our strategic positioning is sound”, commented Chairman of the Board Georg Wohlwend on the business result.

LLB Group increases operating income 

In the first half year of 2026, operating income increased by 0.9 per cent to CHF 315.5 million (first half of 2025: CHF 312.8 million). Fee and commission income made a major contribution to this increase, rising by 5.9 per cent thanks to higher client asset volumes. The intensified trading activity in the early part of the year due to geopolitical tensions had a positive effect on earnings. 

The persisting low level of interest rates in Swiss francs weighed on interest differential business leading to a fall in interest income. This was more than compensated for thanks to higher fee and commission business and our diversified business model, once again illustrating how sustainable and broadly supported the LLB Group’s earning base is. Other income stood at around CHF 9.4 million above the previous year’s level, which was mainly attributable to earnings received from the referral agreement in connection with the strategic withdrawal from the Middle East business. A total of CHF 4.7 million was allocated for risk provisions. 

Lower operating expenses, improved efficiency

Operating expenses were down by 6.8 per cent to CHF 190.6 million in the first half year of 2026 (first half of 2025: CHF 204.6 million). The decrease was the result of several factors: the previous year’s result contained one-time integration costs in connection with the take over of ZKB Österreich, which were not applicable in the current year. Furthermore, personnel costs were lower because total headcount was lower than in the previous year due to the realisation of synergies. In total, operating expenses were lower by around CHF 14.0 million.

The combination of higher earnings and lower costs significantly improved efficiency levels. The Cost Income Ratio improved to 59.5 per cent (first half of 2025: 65.7 %) and was therefore well within the strategic target range. The Group’s equity capital base also remained absolutely solid with a tier 1 ratio of 18.5 per cent.

Key figures at a glance:

	First half 2026	First half 2025	+/– %
Operating income (in CHF millions)	315.5	312.8	+0.9
Operating expenses (in CHF millions)	-190.6	-204.6	-6.8
Group net profit (in CHF millions)	105.0	91.0	+15.3
Net new money (in CHF millions)	2’234	1’393	+60.4
Net new loans (in CHF millions)	211	-239
RoE (in %)	8.8	8.1
Earnings per share (in CHF)	3.45	2.99	+15.3
Cost Income Ratio (in %)	59.5	65.7
	30.06.2026	31.12.2025	+/– %
Tier 1 ratio (in %)	18.5	19.0
Business volume (in CHF billions)	132.1	125.9	+5.0
Client assets under management (in CHF billions)	115.0	108.9	+5.6
Loans to clients (in CHF billions)	17.2	17.0	+1.0
Total assets (in CHF billions)	28.9	28.3	+2.0

Successful realisation of strategy

After four and a half years, the realisation of our ACT‑26 strategy has entered the final phase. Shortly before the final stretch, we can draw a very positive conclusion: we have achieved all our ambitious targets. Group CEO Christoph Reich summed up: “The LLB Group has enjoyed solid growth and, at the same time, developed successfully. Today, we are more efficient, innovative and sustainable than five years ago. All of which shows that ACT‑26 has been successful and effective. Thanks to this strategy we have in place an excellent basis for the future development of our banking Group.” Currently, the Group is working on the new strategy, which will come into effect from the new business year. This strategy will be presented on 22 September 2026.

Outlook

The challenging market environment is expected to persist in the coming months with geopolitical and economic uncertainties continuing. Against this backdrop, the LLB Group continues to stand by its February prognosis: we expect to achieve a solid business result for the full 2026 year. 

Web conference

The 2026 interim business result of the LLB Group will be presented as a web conference on 19 August 2026, at 9.00 a.m. in German. Please use the following link to register for the web conference: 
https://events.teams.microsoft.com/event/8cc3ff92-7031-4964-b4a5-5fa9ece73b0b@bc04dc94-af6e-41cc-884c-3446e0dbe6fe?source=copyLinkOneEventsShareDialog

Additional information

The documents on the 2026 interim financial reporting of the LLB Group will be available from 7.00 a.m. on 19 August 2026 on our website. An interactive version of the 2026 interim financial reporting will also be available at hb2026.llb.li (German version) and at hr2026.llb.li (English version).

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 found at
llb.li/investoren-apm.