LGT posts improved operating income
LGT successfully further expanded its client business in the first half of 2021, writes the banking group owned by the Princely House of Liechtenstein in a press release announcing its half-yearly results. Among other aspects, in the press release LGT points to its position in the Middle East and Asia, where the banking group has doubled staff levels over the past five years to roughly 1,000 employees.
In the reporting half-year, LGT posted “very good first-half results in the year of our 100th anniversary”, Prince Max von und zu Liechtenstein, Chairman LGT, explains in the press release, adding that: “Since its foundation, LGT has developed into an internationally broad-based and respected institution and continues to grow in all regions”. In specific terms, the banking group posted Group profit of 180.6 million Swiss francs for the first six months of 2021, reflecting a decline of 5 percent versus the same period in the prior year.
Operating income at LGT for the first half of 2021 came in at 953.4 million Swiss francs, which equates to a rise of 6 percent in comparison with the equivalent value for the previous year. Income from services was the main growth driver here, resulting in growth of 21 percent versus the prior year to 692 million Swiss francs.
LGT also recorded strong growth in terms of client assets under management, which increased by 14 percent to 275 billion Swiss francs in comparison with year-end 2020 at the banking group. Here, net asset inflows of 14.1 billion Swiss francs contributed to this result.