The private banking and asset management group generated income and profit growth amid an unfavourable currency environment in the first half of 2015.

Liechtenstein-headquartered LGT enjoyed a 27 per cent year-on-year jump in group profit to SFr131 million ($138 million) during the first half of the year despite a 2 per cent drop in assets under management following the Swiss National Bank's removal of the euro/Swiss franc currency floor.

The group blamed currency effects for the 2 per cent drop in its assets under management, compared to the end of last year, to SFr125.7 billion. It is the latest Swiss investment manager to reveal its H1 results have been adversely affected by the surge in the Swiss franc’s exchange rate resulting from January's abandonment of the currency floor. Zurich-listed GAM, for example, recently reported a 13 per cent year-on-year fall in its underlying net profit to SFr81.2 million.

Total operating income at LGT, however, rose 15 per cent to SFr548.8 million as net asset inflows totalled SFr4.1 billion. LGT's cost-income ratio fell from 75.4 per cent at the end of last year to 69.7 per cent at the end of June. Meanwhile, its tier one ratio of 20 per cent was up from 18.4 per cent as at the end of 2014.

“Having once again achieved very good results in the first half of 2015, and based on the positive feedback we are getting from clients and employees in our core markets around the world, we are seeing clear confirmation for our chosen approach. We will consistently pursue our long-term growth strategy and further invest in the expansion and investment competence of our business,” said LGT's chief executive, Prince Max von und zu Liechtenstein, in the results statement.

LGT, which operates from more than 20 locations globally, has been fully controlled by the Liechtenstein Princely Family for over 80 years.