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.
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.
As 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.”