close_search
{{searchMessage}}
More
Financial services

LGT records double-digit profit jump

25 Aug 2022
Vaduz - LGT increased its group profit by 20 percent to 217 million Swiss francs in the first six months of 2022. Transaction-related revenues and services as well as interest-related income contributed significantly to the jump in profit. The banking group also saw strong net asset inflows.

Newsletter

So that we can send you our newsletter, we need your express consent to process and pass on your personal data. By providing us with your email address and clicking the check box, you give your consent that we may send you news about the Bankers Association and our newsletter, and that we may process your personal data for that purpose.

By clicking the check box, you also confirm that you have taken note of our web notice and general data protection information. This consent is voluntary.

You are entitled at any time to request the LBA for information on the data we store about you. You can also exercise your right of withdrawal at any time without giving reasons and withdraw your declaration of consent with effect for the future by unsubscribing from the newsletter either by email (info(at)bankenverband.li) or directly via the link in the newsletter message.

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”.