Liechtensteinische Landesbank, the private bank based in the tiny European principality, said its net profit in 2012 surged to SFr97.9 million ($103.5 million) from SFr15.4 million a year before - a 535.5 per cent increase - while operating income rose 20.5 per cent to SFr408.9 million.
LLB has been restructuring its business lines with its “Focus2015” strategy. “It is focusing on clearly defined client segments and markets and reducing complexity and costs, thereby increasing profitability,” the bank said in a statement today.
"With the Focus2015 strategy, we are creating the basis for the sustained success and future-oriented development of the LLB Group. Over the next three years, we will consistently focus our financial and personnel resources on clearly defined client segments and markets with potential, in which the LLB Group can already demonstrate a solid position," group chief executive Roland Matt said.
The firm said the number of staff will drop to 840 full time roles; restructuring costs are expected to be around SFr7 million. By the end of 2015, LLB said it wants to achieve a cost/income ratio – currently 61.7 per cent – of less than 60 per cent; a Tier 1 capital ratio, under Basel rules, of more than 16 per cent, and a cumulative business result between 2013 and 2015 of more than SFr300 million.