LGT records high cash inflow
16 August 2023
LGT has attracted new assets amounting to 15.8 billion Swiss francs in the first half of 2023. Profit has increased slightly. The positive outcome is attributed in part to the subsidiaries in India and Australia. The bank’s focus will remain on international growth.
LGT is looking back on a good half year. According to a press release, the bank owned by the Princely House of Liechtenstein has recorded “very strong” net asset inflows of 15.8 billion Swiss francs. Managed assets increased to 305.8 billion Swiss francs by the end of June, making this the first time they have exceeded 300 billion Swiss francs. Overall, LGT ended the half year with profit of 223.6 million Swiss francs, corresponding to an increase of 3 percent versus the previous-year period.
H.S.H. Prince Maximilian of Liechtenstein, Chairman of LGT, commented: “The results for the first half of 2023 once again highlight LGT’s established presence in its international markets and its excellent local teams.” LGT highlights in its press release that LGT Wealth India and the Australian asset manager LGT Crestone, among others, positively contributed to the commission and service business.
LGT is also hopeful that it can achieve profitable growth for the year 2023 as a whole. For this, it will rely on its strengths in investment advice, its investment expertise, and its international presence in Europe, Asia, America, Australia, and the Middle East. Over the long term, LGT is also focusing on international growth. Among other activities, the company plans to expand its presence in Germany with new locations in 2024.