Liechtenstein LGT bank profits up

17th March 2011, Comments 0 comments

Liechtenstein's LGT bank, controlled by the royal family, said Thursday its net profit soared 40 percent last year thanks to increased client trading which offset the rising strength of the Swiss franc.

The LGT Group posted profits of 148 million Swiss francs (117.9 million euros, $164 million), the bank said in a statement.

The figures were boosted by new money, with net asset inflows of 3.1 billion Swiss francs over the year.

However, some of that was offset by the rise of the Swiss currency, which went on to hit record highs against the dollar and the euro this month.

Prince Max zu Liechtenstein, CEO of the LGT Group, said he was satisfied with the performance and believes the company is well positioned going forward.

"Particularly positive were the substantial inflows of new money. On the wealth management side our international business made good progress, especially in Asia," he said in the statement.

© 2011 AFP

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