LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has reported a group profit of CHF174.8m for the first half of 2018, an increase of 15% compared to CHF151.8m reported in the previous year.
The bank attributed the rise in profit to higher revenue helped by recent takeovers.
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The bank’s total operating income for the half year ended June 2018 was CHF830.7m, up 17% from CHF707.9m a year earlier.
Net interest and similar income stood at CHF138.8m, a 39% surge from CHF100.2m last year.
Income from trading activities and other operating income remained almost unchanged at CHF150m.
Total operating expenses increased 15% year-on-year to CHF593.9m, driven by organic and acquisitions-related expansion.
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By GlobalDataAs at 30 June 2018, the group’s cost-income ratio stood at 71.5% and tier 1 capital ratio stood at 18.7%.
Assets under management totalled CHF206bn at the end of June 2018, with net inflows of CHF5bn.
LGT CEO Prince Max von und zu Liechtenstein said: “LGT has more than doubled its assets under management in the last six years to significantly over CHF 200 billion. I am pleased that we once again recorded healthy net new asset inflows in the first half of 2018 while at the same time further increasing our revenues and profitability.”
