Business segment result

The positive development of the LLB Group’s own financial investments – recognised at fair value − amounting to CHF 44.1 million (2011: CHF 0.4 million) contributed substantially to the Group result. They are reported in the Corporate Center Business Segment. Net interest income after credit loss expense fell by 20.7 percent to CHF 42.6 million (2011: CHF 53.7 million) and net fee and commission income decreased by 2.6 percent to CHF 6.6 million (2011: CHF 6.8 million). Interest rate hedging costs had an adverse effect on net trading income, which stood at minus CHF 5.9 million (2011: minus CHF 42.5 million).

Operating income increased to CHF 95.3 million (2011: CHF 30.4 million). Operating expenses decreased by 11.9 percent to CHF 46.7 million (2011: CHF 53.0 million), which was attributable largely to changeover of the Personnel Pension Fund Foundation of Liechtensteinische Landesbank AG to a defined contribution scheme.

The segment result before tax rose substantially to CHF 48.7 million (2011: minus CHF 22.6 million).

Segment reporting

 

(XLS:)

 

 

 

 

in CHF thousands

2012

2011

+/– %

Net interest income

52'772

55'263

–4.5

Credit loss (expense)/recovery

–10'200

–1'547

559.3

Net interest income after credit loss expense

42'572

53'716

–20.7

Net fee and commission income

6'592

6'768

–2.6

Net trading income

–5'938

–42'544

–86.0

Net income from financial investments at fair value through profit and loss

44'121

449

 

Share of net income of associates

7

190

–96.3

Other income

7'968

11'838

–32.7

Total operating income

95'322

30'417

213.4

Personnel expenses

–61'631

–69'428

–11.2

General and administrative expenses

–64'109

–75'957

–15.6

Depreciation and amortisation

–29'824

–31'184

–4.4

Services from/to segments

108'895

123'598

–11.9

Total operating expenses

–46'669

–52'971

–11.9

Segment profit before tax

48'653

–22'554

 

Additional information

 

(XLS:)

 

 

 

 

 

31.12.2012

31.12.2011

+/– %

Employees (full-time equivalents, in positions)

440

 

 

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