Liechtensteinische Landesbank / LLB / LI0355147575
19.04.2024 - 21:15:09LLB General Meeting 2024 – shareholders approve all motions
| Liechtensteinische Landesbank / LLB / Key word(s): AGMEGM 19.04.2024 / 21:15 CET/CEST Vaduz, 19 April 2024. The shareholders of Liechtensteinische Landesbank AG (LLB) approved all motions put forward by the Board of Directors at the 32nd General Meeting of Shareholders. As a result, the dividend paid by LLB increased from CHF 2.50 to CHF 2.70. The Chairman of the Board of Directors, Georg Wohlwend, and the Board members Richard Senti and Thomas Russenberger were re-elected. The 2023 annual financial statements were approved at the General Meeting by a large majority of the roughly 740 shareholders in attendance, representing 73.39 per cent of the voting share capital. In addition, the LLB shareholders also discharged the Board of Directors, the Board of Management and the independent auditor KPMG Liechtenstein AG. Furthermore, KPMG was elected for a further year as independent auditor and Group auditor of the LLB Group. Dividend increased by 8 per cent The shareholders approved the proposal of the Board of Directors for the appropriation of the 2023 net profit of CHF 102,706,545.05. As a result, the dividend increased by 8 per cent from CHF 2.50 to CHF 2.70. The dividend yield amounts to 4.1 per cent. This will benefit not only investors and private shareholders, but also the Principality of Liechtenstein as the main shareholder. In 2023 the State was paid dividends, taxes and levies totalling CHF 45.2 million, which was welcomed with great satisfaction by Liechtenstein's Prime Minister Dr Daniel Risch, as the representative of the main shareholder at the General Meeting. Re-elections to the Board of Directors The three-year term of office held by the Chairman of the Board of Directors, Georg Wohlwend, and the Board members Richard Senti and Thomas Russenberger came to an end with the General Meeting. The General Meeting approved the motion of the Board of Directors and re-elected the three individuals for a further term of office on the seven-member board. 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.” Important dates Tuesday, 23 April 2024 – Ex-dividend date Thursday, 25 April 2024 – Dividend payment Monday, 26 August 2024 – Publication of the semi-annual results for 2024 Wednesday, 16 April 2025 – 33rd General Meeting of Shareholders Brief portrait Liechtensteinische Landesbank AG (LLB) is the longest-established financial institute in the Principality of Liechtenstein. The majority shareholder is the Principality of Liechtenstein. The shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services: as a full-service bank as well as in private banking, asset management and fund services. With 1,213 employees (in full-time positions), the Group is represented in Liechtenstein, Switzerland, Austria, Germany and the United Arab Emirates. As at 31 December 2023, the business volume of the LLB Group was CHF 102.2 billion. Contact Liechtensteinische Landesbank AG Cyrill Sele, Head Group Corporate Communications & Sustainability Telephone +423 236 82 09, E-Mail ir@llb.li, Internet http://www.llb.li End of Media Release |
| Language: | English |
| Company: | Liechtensteinische Landesbank / LLB |
| Staedtle 44 | |
| 9490 Vaduz | |
| Switzerland | |
| Phone: | +423 236 88 11 |
| Fax: | +423 236 88 22 |
| E-mail: | llb@llb.li |
| Internet: | www.llb.li |
| ISIN: | LI0355147575 |
| Valor: | 35514757 |
| Listed: | Regulated Unofficial Market in Frankfurt, Stuttgart; SIX Swiss Exchange |
| EQS News ID: | 1881885 |
| End of News | EQS News Service |
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