Liechtensteinische Landesbank (LLB), a private bank headquartered in Vaduz, has reported a net profit of CHF85.1m for the year ended 31 December 2018.

This marks a 23% slump compared to last year’s figure of CHF111.3m.

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The fall in profit was said to be driven by integration costs related to LLB’s acquisitions of LB(Swiss) Investment and Semper Constantia Privatbank.

Operating income at the bank remained almost unchanged at CHF399.7m in 2018.

Net fee and commission income increased 13% to CHF175.3m from CHF154.8m.

Interest income before expected credit loss rose 8% to CHF158m from CHF145.9m.

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Net trading income dropped to CHF73.8m from CHF82.9m.

The bank’s operating expenses were CHF305.9m in 2018, up 15% from CHF267m in the previous year.

Acquisitions also increased the bank’s headcount in 2018 to 1,086 from 867 a year earlier.

Client assets under management at LLB totalled CHF67.3bn at the end of December 2018, representing a 34% surge from CHF50.3bn last year.

Net inflows during the year were CHF1.3bn.

The group’s cost/income ratio at end-December 2018 stood at 77.7%, versus 69.6% in 2017.

LLB Group chairman of the board of directors Georg Wohlwend said: “In the 2018 business year the LLB Group continued to grow, both organically and through acquisitions.

“We successfully completed the integration of LB(Swiss) Investment AG and the merger of Semper Constantia Privatbank AG with LLB Österreich to become the new Liechtensteinische Landesbank (Österreich) AG as planned.

“Consequently, we are now not only the longest established universal bank in Liechtenstein and the largest regional bank in eastern Switzerland, but also the leading asset management bank in Austria.”