The Liechtenstein bank's profits rose by nearly one-quarter despite a first half marred by market volatility sparked by the coronavirus pandemic.
Vaduz-based LGT said first-half net profit rose to 190.7 million Swiss francs ($121 million) from 155.6 million francs, helped by strictly keeping costs under control, it said in a statement on Thursday. Operating profit rose six percent to 900 million francs.
The principality's lender benefited from a seven percent spike in commissions and fees on the back of market ructions in March and April, when coronavirus was declared a pandemic by health officials, to 572.3 million francs. Meanwhile, trading income also rose seven percent, to 185.3 million francs, mainly because clients conducted more foreign exchange transactions, LGT said.
Assets under management, however, edged four percent lower to 218.7 billion francs. The bank said it expects a solid showing in the second half of 2020.
