LGT achieved gross profit of 848.2 million Swiss francs in the first half of 2019, according to a statement from the Liechtenstein bank group. This equates to 2 per cent growth year-on-year. Total operating expenses increased by 4 per cent to 616.1 million francs. Overall, group profit totaled 155.6 million francs – an 11 per cent decrease compared to the first half of 2018. The cost-income ratio also worsened by 1.4 percentage points to 74 per cent.
With the tier 1 capital ratio at 20.3 per cent as at the reporting date, the bank group is “very well capitalized” and “has a high level of liquidity’, writes LGT. It once again reported strong net asset inflows in the first half of 2019 of CHF 5.8 billion. Alongside a further upward trend in existing assets, overall assets under management increased by 8 per cent to 215 billion francs.
LGT expects to achieve “further profitable growth’ in 2019, according to the statement. “We closed the first half of 2019 with good results despite volatile market conditions,” commented LGT CEO Prince Max von und zu Liechtenstein. “Thanks to our stability, long-term strategy and deep investment expertise, LGT continues to be a strong partner to its clients, as evidenced by our once again robust net asset inflows.”