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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAssets 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.”
