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LGT in excellent shape

26 agosto 2015

LGT reported very good results for the first half of 2015. Compared to the same period last year, total operating income rose 15% to CHF 548.8 million and total group profit increased 27% to CHF 131.0 million. Net asset inflows totaled CHF 4.1 billion.

Owing to a larger asset base compared to the same period last year, and thanks to strong client activity in a volatile economic and currency environment, LGT increased its total operating income by 15% in the first half of 2015 to CHF 548.8 million. Net interest income contributed CHF 47.3 million (+10%) to this result, income from services contributed CHF 381.5 million (+17%), and trading and other income CHF 120.0 million (+13%).

Total operating expenses rose 13% to CHF 382.7 million during the period under review. Reflecting staff recruitment and performance-related compensation in line with the growth of the business, personnel expenses increased 15% to CHF 300.0 million. Business and office expenses rose 8% to CHF 82.7 million.

The cost-income ratio decreased from 75.4% as at 31 December 2014 to 69.7% as at end of June 2015. Depreciation, amortization and provisions rose 36% to CHF 27.9 million in the first half of 2015 due to intangible assets acquired with the private banking portfolios, which will be amortized over ten years. Total group profit was up 27% to CHF 131.0 million for the period under review. LGT is very well capitalized and has a high level of liquidity. Its tier 1 ratio was 20.0% as at 30 June 2015 compared to 18.4% as at 31 December 2014.

Net asset inflows continue to be favorable

LGT generated net asset inflows of CHF 4.1 billion in the first half of 2015, which corresponds with a steady annualized growth rate of 6% compared to 2014. Positive inflows from all regions and both of the group’s business areas contributed to this favorable development. Due to currency effects, assets under management decreased 2% to CHF 125.7 billion compared to year-end 2014.

Outlook

LGT is optimistic in its business outlook for the remainder of the year and beyond. H.S.H. Prince Max von und zu Liechtenstein, CEO of LGT: "Having once again achieved very good results in the first half of 2015, and based on the positive feedback we are getting from clients and employees in our core markets around the world, we are seeing clear confirmation for our chosen approach. We will consistently pursue our long-term growth strategy and further invest in the expansion and investment competence of our business."