Banks in Liechtenstein recorded double-digit increases in the result from ordinary operations and net profit in 2022, as well as net new money. The cost/income ratio deteriorated slightly compared with 2021.
Liechtenstein’s 12 banks recorded a good overall result for 2022, according to a press release issued by the Office of Statistics. According to its figures, the result from ordinary operations rose by 14.5 per cent year on year to 272.9 million Swiss francs. During the same period, net profit grew by 30.9 per cent to 264.2 million francs.
However, the banks had to spend more to achieve the same returns. At 76.9 per cent, the cost/income ratio was 4.7 percentage points higher than in 2021. Business revenues amounted to 1.58 billion francs, while total expenses stood at 1.21 billion francs.
The number of people employed in the banking sector increased year on year from 2,287 to 2,469 full-time equivalents. The banks also recorded strong results for assets under management, with net new money of 8.7 billion francs taking the total to 187.2 billion francs. Including subsidiaries, the 12 banks had assets under management totaling 414.4 billion francs at the end of 2022, equating to net new money of 38.2 billion francs.