LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has posted a group profit of CHF155.6m for the first half of 2019.
This is a decrease of 11% from the previous year profit of CHF174.8m.
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The bank’s total operating income for the first six months of 2019 was CHF848.2m, up 2% from CHF831.2m last year.
Net interest income and credit losses remained almost unchanged at CHF138.7m.
Income from trading activities and other operating income increased 16% to CHF173.4m from CHF150.1m.
Total operating expenses increased 4% year-on-year to CHF616.1m, due to a rise in personnel expenses.
Assets under management (AuM) were CHF215bn as of 30 June 2019, including net inflows of CHF5.8bn.
The AuM was 8% higher than the last year figure of CHF198.2bn.
The private bank’s cost-income and tier 1 capital ratios were 72.6% and 20.3%, respectively, at the end of the first half.
LGT CEO Prince Max von und zu Liechtenstein said: “We closed the first half of 2019 with good results despite volatile market conditions. Thanks to our stability, long-term strategy and deep investment expertise, LGT continues to be a strong partner to its clients, as evidenced by our once again robust net asset inflows.
“In order to build out our strengths in a targeted manner, we are further investing in our market presence in Asia and in our investment competencies, with a particular focus on the expansion of our impact investing platform.”
