LGT records double-digit profit jump
According to a press release from LGT, the international private banking and asset management group owned by the princely family of Liechtenstein recorded group profit of 217.2 million Swiss francs in the first six months of 2022. This corresponds to year-on-year growth of 20 percent. The cost-income ratio decreased from 72.4 to 70.6 percent versus June 30, 2021.
Transaction-related revenues and services as well as interest-related income contributed significantly to the good result. Transaction-related revenues and services increased by 13 percent year on year to reach 784.6 million Swiss francs. Net interest income grew by 36 percent to 138.2 million Swiss francs in the same period. In contrast, income from trading activities and other operating income was 19% lower than the previous year, at 128.4 million Swiss francs.
LGT recorded net asset inflows amounting to 6.2 billion Swiss francs in the reporting period. This, together with positive foreign currency effects and 15.6 billion Swiss francs in assets from the acquisition of Australian asset management company Crestone, balanced out negative market performance. Thus, assets managed by LGT remained almost the same as on December 31, 2021, at 284.7 billion Swiss francs.
H.S.H. Prince Max von und zu Liechtenstein, Chairman of LGT, commented in the press release: “LGT’s results for the first half of 2022 are testament to the strength and breadth of our international client business.” He believes that the company is “well equipped to deal with today’s changing environment”.