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lgt records decline in profit. fürstenbank performed well in its core business in 2024, but suffered from the decline in the interest business. the private bank increased its assets under management. lgt, the international private banking and asset management group owned by the princely house of liechtenstein, increased its assets under management by 16 percent to 367.5 billion swiss francs last year. net new assets amounted to 11.9 billion francs, as detailed in the press release published on tuesday. both private banking and asset management contributed to this growth. in addition to the net new money inflow, this was also due to a positive market development and investment performance as well as favorable foreign currency effects. interest business: decline of 33 percent. on the income side, the core business – commission and service income – was the main contributor. fürstenbank reported a 13 percent increase to 1.77 billion francs compared to the previous year. gross profit rose by 4 percent to 2.67 billion francs. consolidated profit, however, declined by 5 percent year-over-year, totaling 356.2 million francs. this is partly due to the interest income business, where lgt suffered a decline of 33 percent to 347.9 million francs. net trading income and other income increased by 13 percent to 556.6 million francs, which is attributable in particular to higher client activity and a higher asset base. personnel expenses increased by 9 percent to 1.62 billion francs. one reason for this is the integration of abrdn, while accruals for long-term remuneration components were lower than in the previous year. general and administrative expenses also rose by 9 percent, reaching 465.8 million francs. middle east &> united arab emirates sets a new standard. big alliance in the gulf. gulf region sponsorships: messi, money, and mega events.
LGT Records Decline in Profit
Fürstenbank performed well in its core business in 2024, but suffered from the decline in the interest business. The private bank increased its assets under management.
LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, increased its assets under management by 16 percent to 367.5 billion Swiss francs last year. Net new assets amounted to 11.9 billion francs, as detailed in the press release published on Tuesday.
Both Private Banking and Asset Management contributed to this growth. In addition to the net new money inflow, this was also due to a positive market development and investment performance as well as favorable foreign currency effects.
Interest Business: Decline of 33 Percent
On the income side, the core business – commission and service income – was the main contributor. Fürstenbank reported a 13 percent increase to 1.77 billion francs compared to the previous year. Gross profit rose by 4 percent to 2.67 billion francs. Consolidated profit, however, declined by 5 percent year-over-year, totaling 356.2 million francs.
This is partly due to the interest income business, where LGT suffered a decline of 33 percent to 347.9 million francs. Net trading income and other income increased by 13 percent to 556.6 million francs, which is attributable in particular to higher client activity and a higher asset base.
Personnel expenses increased by 9 percent to 1.62 billion francs. One reason for this is the integration of abrdn, while accruals for long-term remuneration components were lower than in the previous year. General and administrative expenses also rose by 9 percent, reaching 465.8 million francs.
