Profits at LGT Group jumped 58% in the first
six months of 2012 to CHF130m ($135.77m) compared with CHF82m group
profit earned in June 2011.
The international private banking and asset
management group which saw a decline in profits at the same period
last year, due in part, to the Euro zone debit crisis and the
economy, said half year profits were attributed both to increased
income, and to maintaining disciplined cost management.
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Net new assets increase
13%
Net asset inflows totalled CHF5.5bn,
representing year-on-year growth rate of 13%.
The Liechtenstein-based bank said that assets
under management increased 9% or CHF7.8bn to CHF94.7bn from
CHF86.9bn the previous year.
LGT also reported a 14% rise in total
operating income to CHF466m in the first half of 2012 from CHF408m
as at 30 June 2011.
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By GlobalDataImprovements were also seen in the cost-income
ratio, which fell from 75% year-on-year to 65%.
Business restructure plans
continue
Following the sale of LGT’s seven-office
private bank in September 2011 the bank is planning to continue
restructuring its business.
This includes the recent purchase of the
insurance-linked investments boutique of Clariden Leu AG and plans
to establish an investment solutions subsidiary in Dubai in the
second half of the year.
In addition, the bank hopes to open a new
branch in Salzburg by the end of the year to help facilitate its
strong market position in Austria.
