August 28, 2018 / 6:39 AM / 3 months ago

Liechtenstein bank LGT reports 15 pct rise in first-half profit

ZURICH, Aug 28 (Reuters) - LGT, the bank controlled by Liechtenstein’s royal family, reported a 15 percent increase in first-half group profit to 174.8 million Swiss francs ($175.6 million) due to higher revenue, helped by recent acquisitions, it said on Tuesday.

Net asset inflows amounted to 5 billion francs, corresponding to an annualised growth rate of 5 percent. Assets under management rose to 206.0 billion francs. Revenue grew 17 percent to 830.7 million francs.

Revenues and expenses for the private banking business in Asia and the Middle East acquired from ABN AMRO have been reflected in LGT’s results since May 2017, while those of the London- and Paris-based private debt manager European Capital Fund Management have been reflected since June 2017.

LGT said it was confident it would generate further profitable growth in the second half. ($1 = 0.9957 Swiss francs) (Reporting by Michael Shields, editing by Louie Heavens)

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