LLB General Meeting 2024 – shareholders approve all motions - Seite 2

Acquisition of treasury shares

In addition, the Board of Directors proposed that it be authorised to acquire treasury shares up to at most 10 per cent of the share capital over the next five years (until 2029). The General Meeting also approved this proposal.

Best Group net profit in more than ten years

“Last year, the LLB Group once again posted extremely positive growth and was able to increase even further the Group net profit of 2022, which was already extremely good. The Group net profit rose by 10.2 per cent to CHF 164.7 million, thus achieving the best result in more than ten years,” noted Group CEO Gabriel Brenna in his speech to the General Meeting. With net new loans of CHF 1.0 billion and net new money of CHF 1.4 billion, LLB successfully built on the high growth achieved in previous years. For the second time in the company’s history, business volume exceeded the CHF 100 billion mark. Despite the investments made in the Bank’s future, the cost-income ratio stood at a highly satisfactory 64.3 per cent (2022: 64.0 per cent). This is a reflection of the higher earnings and steadily increasing efficiency of the LLB Group.

With a Tier 1 ratio of 19.8 per cent and a Moody’s deposit rating of Aa2, the LLB Group embodies the highest levels of stability and security.

Successful implementation of the ACT-26 strategy

Implementation of the ACT-26 strategy is proceeding on schedule in terms of all three key strategic elements: growth, efficiency and sustainability. To further expedite growth, the LLB Group opened three new locations in Germany in January 2024 (Munich, Frankfurt, Düsseldorf). They will be joined in the coming months by two new locations in Switzerland (Zurich and St. Gallen).

In his speech, Georg Wohlwend, Chairman of the Board of Directors, remarked: “As Chairman of the Board of Directors, I am proud of our ability to succeed in an extremely competitive market and meet the needs of our clients time and time again. But just as important as coming up with innovations is of course cherishing what we’ve achieved and preserving our values. And one such value is stability, which LLB has embodied for generations.”