The Liechtenstein-based private bank had record new money inflows last year, while performance was strong across the business.
LGT bank's profits grew to 352.8 million Swiss francs ($377 million) in 2021, up 21 percent last year, it said in a statement Monday.
Both private banking and asset management contributed to an increase in assets under management, reaching 285.8 billion francs at the end of the year. July's acquisition of UBS’s wealth management business in Austria added 4.5 billion francs in assets to its private banking business, it said.
By contrast, net interest income was impacted by negative interest rates and declined 11 percent, while higher hedging costs and lower income from the bond portfolio reduced income from trading activities and other operating income by 21 percent last year.
German Presence
After having expanded its international presence in Austria, Japan and Australia in 2021, LGT it is looking to open an office in Germany next year, it said.
The move comes after in 2021 the bank acquired a stake in the Germany-based digital wealth manager LIQID, a company, which serves mass-affluent clients in Germany.
The bank’s chair, H.S.H. Prince Max von und zu Liechtenstein, said the bank had «set an important agenda in the area of sustainability and committed to reducing net emissions to zero by 2030, both in our operations and our own investments. Last but not least, we became more digital in 2021, while also further strengthening our client relationships and corporate culture.»
