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Liechtenstein Banks Report Positive Performance In 2013

by Ulrika Lomas, Lowtax.net, Brussels
28 August, 2014

Client assets managed by banks in Liechtenstein grew by around 1.6 percent to CHF120.2bn (USD131.3bn) last year, according to the Liechtenstein Bankers Association's (LBA's) 2013 annual report, paying testament to the jurisdiction's maintenance of a tax-friendly regime for investors.

Net new money of CHF2bn (previous year: CHF2.1bn) was recorded, showing confidence in Liechtenstein's financial center in uncertain times. With consolidated net new money – taking into account the banks' activities abroad – amounting to CHF7.9bn, Liechtenstein banks managed client assets worldwide totaling CHF195.4bn.

Collectively, the banks reported gross profits of CHF377m in 2013 (-3.0 percent). The result from ordinary business activities of CHF267m (+8.7 percent) is slightly over the previous year's level.

The net profit of all banks was CHF471m, significantly higher than in the previous year (CHF260m), albeit partially due to special factors. As in the two previous years, the banks have been able to develop their position both in Liechtenstein and on a consolidated basis, and have also successfully grown their assets under management.

The report pointed out that Standard & Poor's conducted a Banking Industry Country Risk Assessment (BICRA) of the Liechtenstein banking sector, assigning the country once again to Group 2, the lowest risk group – along with Austria, Luxembourg, Hong Kong, and Singapore.

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