LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has posted group profit of CHF283.4m for the year 2017, a surge of 23% compared to CHF230m a year ago.
For the year ended 31 December 2017, total operating income was CHF1.53bn, up 27% from CHF1.2bn in 2016.
The group’s net interest and similar income stood at CHF228.4m, an increase of 32% over CHF172.3m reported a year ago.
Compared to the previous year, income from services increased 22% to CHF1.01bn while income from trading activities and other operating income jumped 41% to CHF295.6m.
Total operating expenses soared 26% year-on-year to CHF1.13bn. Personnel expenses rose 28% to CHF858.4m from CHF670.5m a year ago, while business and office expenses increased 22% to CHF275m from CHF224.9m last year.
The group’s assets under management as at 31 December 2017 totalled CHF201.8bn, up 33% compared to CHF152.1bn in 2016. The group’s net asset inflows totalled CHF17.7bn in 2017.
LGT Group’s tier 1 ratio as at 31 December 2017 stood at 18.8%.
LGT CEO Prince Max von und zu Liechtenstein said: “2017 was an exceptionally good year for LGT. These results reflect that LGT is strengthening its position as a leading private banking and asset management provider, and the fact that we have taken advantage of market opportunities and further improved the quality of our business.
“We will continue to pursue our long-term growth strategy judiciously in the future. Thanks to our dedicated employees, unique culture, efficient processes, high level of investment expertise, as well as our stable ownership structure and capital base, we are very well positioned to create value for our clients.”