LGT, a Liechtenstein-based private bank and asset management firm, has posted group profit of CHF131m for the first half of 2015, a 27% rise compared to CHF102.8m a year ago.
Total operating income jumped 15% to CHF548.8m from CHF475.5m a year ago, while total operating expenses increased 13% to CHF382.7m during the period.
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The bank’s assets under management dropped 2.4% to CHF125.7bn from CHF128.8bn in the first half of 2014.
As at 30 June 2015, LGT Group’s tier 1 ratio was 20% compared to 18.4% at the end of December 2014. The cost-income ratio decreased from 75.4% as at 31 December 2014 to 69.7% as at end of June 2015.
Personnel expenses grew 15% to CHF300m, while business and office expenses rose 8% to CHF82.7m.
The group said that its depreciation, amortization and provisions rose 36% to CHF27.9m in the first half of 2015 due to intangible assets acquired with the private banking portfolios, which will be amortized over 10 years.
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By GlobalDataLGT CEO H.S.H. Prince Max von und zu Liechtenstein said: "Having once again achieved very good results in the first half of 2015, and based on the positive feedback we are getting from clients and employees in our core markets around the world, we are seeing clear confirmation for our chosen approach.
"We will consistently pursue our long-term growth strategy and further invest in the expansion and investment competence of our business."
