LGT has been pushing hard in regions such as Asia. Acquisitions and organic growth helped shape its 2018 financial year results.

LGT, the private banking group, has reported an 11 per cent year-on-year rise in group profit for its 2018 financial year to SFr314.1 million ($313.7 million), adding to announcements that have seen it partner with a Chinese investments firm and expand into the Thailand market.

The Liechtenstein-based private bank’s assets under management were affected by weaker markets and some adverse foreign exchange effects, falling by 2 per cent on the year to SFr198.2 billion. Net asset inflows were “solid”, the bank said, at SFr6.8 billion.

The group said revenues and costs for the private banking business in Asia and the Middle East acquired from ABN AMRO in May 2017, and for the London and Paris-based private debt manager European Capital Fund Management acquired in June 2017, were included in its results on a full-year basis for the first time in 2018.

Total operating income rose by 9 per cent in 2018 to SFr1.68 billion, driven by organic growth and acquisitions. As a result of the increased asset base, income from services rose by 8 per cent to SFr1.09 billion. Net interest income (including credit losses) increased substantially by 20 per cent to SFr277.8 million.

The cost-income ratio remained unchanged at 74 per cent.

Another Liechtenstein-based private bank, VP Bank, also operates in Asia and reported results here in January.