Driven primarily by increasing income from services (up 15%), LGT maintained its worldwide growth path in H1 2024 and delivered a substantial performance in the period.
Group profit in H1 2024 was CHF174.6m ($201m) for LGT, a 22% decrease from the previous year’s result, as interest rates adjusted and growth-related investments in personnel and digitalisation persisted.
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Net asset inflows remained high in the first half of 2024, totalling CHF8.0bn (5% annualised growth).
Assets under administration climbed 13% to CHF356.0bn by the end of the first half of 2024, compared to the same period in 2023.
Comparing the first half of 2024 to the same time the previous year, the group’s overall operating income increased by 4% to CHF1.28bn.
Due to stronger brokerage income as well as higher investment and administrative fees, income from services in the core business climbed by 15% to CHF852.4m.
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By GlobalDataNet interest income dropped 30% to CHF192.3m in the setting of normal interest rates following the significant positive impact of interest rate increases observed in 2023.
Due to increased client engagement, a larger asset base, interest rate and value implications on the bond portfolio, and other factors, income from trading operations and other operating income climbed by 10% to CHF239.1m.
Despite geopolitical and economic uncertainty, international financial markets performed well in the first half of 2024, allowing LGT to expand its clientele and asset base. LGT will continue to invest in its client offerings, consulting services, and technological platform.
Moreover, in the first half of 2024, organic net asset inflows reached CHF8.0bn, a 5% annualised growth rate. Private Banking and Asset Management contributed to this, with a 13% increase in assets under management, reflecting positive market performance and foreign currency effects.
LGT intends to achieve growth and profitability by utilising its expanded asset base and investing in digitalisation.
With a solid global presence, LGT is expanding into Germany, UK, Australia, and Asia.
The corporation is also investing in IT infrastructure to ensure efficient service and developing new digital tools, such as generative AI-based solutions, to assist with operational procedures.
H.S.H. Prince Max von und zu Liechtenstein, chairman LGT, stated: “LGT achieved a good result in the first half of the year and continued to invest in areas we believe will be very relevant in the future. Our growth is testimony to the high level of trust placed in us. Today’s markets are fraught with uncertainty, and investors and private individuals face a whole range of unknowns, from possible global political upheavals to the fundamental effects of climate change. These realities make it all the more important for us to use our long-standing wealth management expertise and the stability of our family business for the benefit of our clients. We aim to further develop LGT in a forward-looking manner to provide our clients with the best possible resources and solutions for their wealth.”
