According to a press release issued by LGT, the international private banking and asset management group owned by the Princely Family of Liechtenstein generated gross profit of 1.82 billion Swiss francs in the 2019 financial year. In comparison with the prior year, this equates to growth of 8 percent.
All business areas contributed to this growth. In the commission and service business, a total of 1.16 billion Swiss francs was generated. Interest business brought in 286.1 million Swiss francs, while a total of 368.2 million Swiss francs was realized in the trading business segment.
Earnings in 2019 were offset by expenses totaling 1.35 billion Swiss francs overall. This is a rise of 9 percent in comparison with the 2018 financial year. The cost-income ratio stood at 74.1 percent, which is on a par with the prior year’s value. All in all, LGT posted net profit of 308.1 million Swiss francs, which, in comparison with the 2018 financial year, equates to a decline of 2 percent.
Net new money at LGT doubled year on year from 6.8 billion Swiss francs to 13.9 billion Swiss francs. Assets under management stood at 227.9 billion Swiss francs, up by 15% on the prior year’s level.
“We again recorded impressive results in the previous financial year and continued along our growth path”, comments Prince Maximilian of Liechtenstein, CEO of LGT, in the press release. “We are firm in our conviction that our long-term thinking and actions represents a key condition for sustainable success”.