LGT continues to achieve profit growth
LGT increased its gross income significantly in the 2018 financial year compared with 2017. The international private banking and asset management group owned by the Princely House of Liechtenstein even recorded a double-digit increase in group profit.
According to a press release by LGT, the Liechtenstein banking group generated gross operating income of 1.68 billion Swiss francs in the 2018 financial year, which equates to growth of 9% year-on-year. The commission and services business contributed 1.09 billion francs to income, and in the interest business net income of CHF 277.8 million was achieved. Income from trading activities amounted to 307.8 million francs.
This compared with expenses totaling 1.24 billion francs, which is 9% more than in the 2017 financial year. The cost-income ratio remained unchanged at 74%. Overall LGT posted a Group profit of 314.1 million francs. Compared with the 2017 financial year this is an increase of 11%.
LGT’s net new asset inflows rose by 3% year-on-year to 6.8 billion francs. As at 31 December 2018, assets under management however totaled 198.2 billion francs due to negative market and currency effects and were 2% lower than at the end of the previous year.
H.S.H. Prince Max von und zu Liechtenstein, CEO LGT: “After the acquisitions made in the last few years and the implementation of many infrastructure- and regulation-related projects, 2018 was a year of consolidation for us. Despite the challenging market conditions, we continued to grow and further increased profitability.”