The private bank logged SFr5.9 billion of asset inflows, although at the half-way point of the year its total AuM slipped, affected by foreign exchange movements, particularly the fall of the dollar.

Liechtenstein-headquartered LGT yesterday said it logged group profit of SFr240.6 million ($297.7 million) in the first six months of 2025, rising 38 per cent on a year ago, with operating income rising 10 per cent year-on-year to SFr1.42 billion.

The bank said expenses rose “moderately” over the reporting period. 

Assets under management stood at SFr359.6 billion as at the end of June, down 2 per cent from the end of 2024; net inflows were SFr5.9 billion, equating to an annualised inflow rate of 3.2 per cent, LGT said in a statement yesterday. The 2 per cent AuM decline was caused by  negative currency effects, particularly against the dollar, while market and investment performance made a positive contribution to the result. The H1 2025 figure for LGT’s assets under management also includes SFr2.9 billion from the acquisition of Commonwealth Bank of Australia’s Private Advice business, it said. 

Income from services – by far LGT’s largest revenue stream – rose 10 per cent on the back of higher client activity, while net interest income declined 17 per cent. Income from trading activities and other operating income grew 35 per cent, mainly driven by increased foreign exchange transactions.

Business and office costs fell 1 per cent year-on-year to SFr222.8 million in the first half of 2025, as development and expansion projects from recent years transitioned into a consolidation phase. Personnel expenses rose 11 per cent to SFr848.4 million. The number of employees stood at 6106 as at 30 June 2025 (end of 2024: 6049), including 38 employees from the acquisition of Commonwealth Bank of Australia’s Private Advice business, which was announced in November 2024 and completed, as planned, in mid-2025. 

Depreciation, amortisation and provisions fell 6 per cent to SFr64.2 million.

The cost-income ratio was 75.7 per cent as at the end of June 2025, down from 78.0 per cent at year-end 2024. 

LGT had a Common Equity Tier 1 ratio – a common measure of a bank’s capital strength – of 18.5 per cent as at the end of the first half of 2025 and has a high level of liquidity.

Appointment
The firm said that Mika Kastenholz – previously head of products and services and head of Asia-Pacific investment – has been appointed global head of investment solutions and will join the senior management board of LGT Private Banking, subject to regulatory approval.