LGT reports further rise in profits in 2018

With the opening of a new private banking location in Bangkok, LGT aims to build out its established position in the Asian market and further expand its presence in growth markets

Despite a market environment filled with political and economic uncertainty, LGT remained on a path of profitable growth last year.

LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, reported a substantial rise in group profit of 11% to 314.1 million Swiss francs (US$314.2 million) for the 2018 financial year.

Net asset inflows were solid at 6.8 billion Swiss francs. Assets under management decreased 2% to 198.2 billion Swiss francs due to market and currency effects.

The bank states that it benefited from its broad earnings base, which it has expanded systematically in recent years as part of its international growth strategy. Revenues and expenses for the private banking business in Asia and the Middle East acquired from ABN AMRO in May 2017 and for the London and Paris-based private debt manager European Capital Fund Management acquired in June 2017 were included in LGT’s results on a full-year basis for the first time in 2018.

LGT’s total operating income rose 9% in 2018 to 1.68 billion Swiss francs, which reflects further organic growth and the integration of acquisitions. As a result of the increased asset base, income from services rose 8% to 1.09 billion Swiss francs.

The expanded business in Asia made a strong contribution to this result. Income from trading activities and other operating income rose 3% to 307.8 million Swiss francs.

With the opening of its new onshore location in Bangkok at the beginning of March 2019, LGT is underscoring growth trajectory in Asia and is further expanding its presence in growth markets. LGT Securities (Thailand) Ltd. has received the necessary regulatory approvals.

H.S.H. Prince Max von und zu Liechtenstein, CEO, LGT, says: “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.”

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Date

21 Mar 2019

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