LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has reported group profit of CHF151.8m for the first half of 2017, a 22% jump compared to CHF124.4m in the year ago period.

Total operating income for the period ended 30 June 2017 was CHF707.9m, up 23% from CHF576.3m in the first half of 2016.

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Net interest and similar income increased 10% to CHF100.2m from CHF90.6m a year ago, while income from trading activities and other operating income surged 43% year-on-year to CHF148.9m.

Total operating expenses were CHF517.5m, an increase of 24% from CHF417m a year earlier. The bank attributed the rise to organic and acquisitions-related expansion.

The bank’s cost-income ratio as at 30 June 2017 was 73.1%, while tier 1 ratio was 18.5%.

Assets under management (AuM) totalled CHF181bn at the end of June 2017, an increase of 19% from CHF152.1bn in the previous year. The bank’s net asset inflows in the first half of 2017 were CHF9.6bn.

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LGT CEO Prince Max von und zu Liechtenstein said: “We are extremely pleased with the first half of 2017. We continued on our profitable growth path, once again attracted significant net asset inflows and successfully integrated the strategically important acquisition of ABN AMRO’s private banking business in Asia and the Middle East into our existing structures.

“Our stable ownership structure, long-term strategy, strong capital base and unifying corporate culture are success factors in the further development of the business – be it organic or through acquisitions. An important cornerstone also remains the strong focus on investment management as a core competency.”