Zurich (awp) – The private bank LGT, owned by the Liechtenstein princely family, did not falter during the first six months of the year, achieving a good collection of money. Turbulence on the financial markets has dented assets under management, but revenues and results are up sharply.
Assets under management stagnated (-0.4%) over six months at 284.7 billion Swiss francs, affected by the market effect, the Vaduz establishment said on Thursday. Solid, net cash inflows stood at 6.2 billion, an amount however lower than the 14.1 billion collected during the first six months of 2021.
Net profit increased by a fifth to 217.2 million Swiss francs, thanks in particular to revenue up 10% to 1.05 billion. Expenses increased by 7.4% to 741.6 million. The expense-to-revenue ratio improved by 1.8 percentage points to 70.6%.
At the end of June, the Tier 1 capital ratio reached 18.4%, down from 22.1% at the end of 2021.
In its statement, LGT says it wants to strengthen its presence in the German wealth management market. Two to three offices should be inaugurated across the Rhine by December 2023.
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