LGT records double-digit growth
According to a press release issued by the LGT Group, the international private banking and asset management group owned by the Princely House of Liechtenstein generated total operating income of 2.13 billion Swiss francs in financial year 2021. This equates to growth of 15 percent in comparison with the previous year. In this context, declining net interest income and a fall in earnings in connection with trading activities were more than offset by growth in the service business.
Overall, the LGT Group posted group profit for 2021 of 352.8 million Swiss francs. This corresponds to growth of 21 percent versus the prior year. In the press release, LGT also highlights the acquisition of the wealth management business of UBS in Austria, where LGT is now the “leading private bank”, that was completed in the reporting year.
In the area of client assets under management, LGT achieved a new record for net new asset inflows of 24.8 billion Swiss francs in the financial year 2021. In total, assets under management increased by 19 percent to 285.8 billion Swiss francs over the course of the year. In this context, the bank noted that “client interest in sustainable investments further increased in 2021”, the press release explains. For the current year, LGT is planning to expand its range of sustainable investment solutions for European customers.
“LGT’s centennial was a good year for us in every respect”, comments Prince Max von und zu Liechtenstein, Chairman LGT, in the press release, before adding: “Despite the ongoing pandemic, we continued to serve our clients as a reliable partner and further expanded our investment offering, which had a very positive impact on our results”.