Acquisitions and organic growth have helped propel higher profits and AuM figures for the Liechtenstein-based private banking group.

Liechtenstein-headquartered private banking and asset management house LGT today reported group profit of SFr151.8 million ($151.5 million) for the first half of this year, a rise of 22 per cent on a year earlier.

Net asset inflows totaled SFr9.6 billion in the first half of 2017, with an additional contribution of SFr18.2 billion to asset growth caused by LGT’s business acquisitions. In total, assets under management rose 19 per cent to SFr181.0 billion from the end of 2016, LGT said in a statement.

Earlier this year, LGT acquired the Asia and Middle East private banking arms of Netherlands-listed ABN AMRO, boosting its AuM. Results were also affected by acquisition of UK-based Vestra last year. The LGT Vestra income and expenses have been included in LGT’s figures since the middle of 2016.

Total operating income increased 23 per cent to SFr707.9 million in the first half of 2017 compared to the same period last year. Income from services contributed SFr458.8 million to this result, which corresponds to a rise of 20 per cent and is attributable in particular to the larger asset base and increased client activity. Net interest and similar income rose 11 per cent to SFr100.2 million. Income from trading activities and other operating income increased 43 per cent to SFr148.9 million, reflecting higher income from the client business and currency hedging, as well as a one-off contribution from the sale of a private equity stake.

The cost-income ratio improved from 74.2 per cent as at 31 December 2016 to 73.1 per cent as at 30 June 2017, LGT said.