LGT posts substantial profit growth in 2022
21 March 2023
The private banking and wealth management group LGT recorded a sharp increase in Group profit to just over 420 million Swiss francs in 2022. At 287.2 billion Swiss francs, assets under management were slightly up on the previous year as well.
LGT, the private bank owned by the Princely Family of Liechtenstein, generated an increased Group profit of 420.8 million Swiss francs in financial year 2022, further details of which can be found in a press release. This equates to growth of +19 percent. In the same period, LGT recorded strong net asset inflows amounting to 17.1 billion Swiss francs, which corresponds to a growth rate of +6 percent.
Geopolitical uncertainties and a turbulent market environment characterized the year 2022. As a result, client activity was hampered by these challenges. According to the press release, LGT continued to be perceived as a stable partner among both existing and new clients, which is reflected in the strong financial results. The recently published accounts also include the turnover generated by the Australian wealth management firm Crestone and the Indian wealth management business Validus Wealth, which LGT acquired in the previous financial year.
“Despite the many challenges, LGT delivered exceptionally good results in 2022, which enables us to further invest in strengthening our business”, comments Prince Max von und zu Liechtenstein, LGT Chairman, in the press release, adding that: “We also made significant progress in delivering against our strategy, and expanded our international presence in key locations. In addition, we further invested in digitalization and expanding our investment solutions, and in sustainability at all levels. We will continue our efforts in all of these areas in 2023”.