Brief: EFG International H1 Net Profit Up At CHF 147.6 Million

EFG International AG

26/07/2023 06:03

July 26 (Reuters) - EFG INTERNATIONAL AG  EFGN.S :
    * NET PROFIT GREW BY 47% YEAR ON YEAR TO CHF 147.6 MILLION
IN 1H23
    * H1 RETURN ON TANGIBLE EQUITY OF 17.8%, COMPARED TO 12.7%
IN 1H22
    * H1 OPERATING INCOME INCREASED BY 20% TO CHF 724.8 MILLION
WHILE
OPERATING EXPENSE ROSE BY 11% TO CHF 527.7 MILLION
    * COST/INCOME RATIO* FURTHER IMPROVED TO 72.1% IN 1H23 FROM
78.1%
IN 1H22
    * INCREASING SCOPE FOR COST SAVINGS: CHF 60 MILLION OF
EXPECTED
ANNUAL COST SAVINGS FROM SIMPLICITY PROGRAMME BY 2025
(PREVIOUSLY: CHF 40 MILLION)
    * H1 NET NEW ASSETS TOTALLED CHF 3.0 BILLION, CORRESPONDING
TO AN
ANNUALISED GROWTH RATE OF 4.2%, WITHIN EFG'S TARGET RANGE OF
4-6%
    * H1 ASSETS UNDER MANAGEMENT OF CHF 146.5 BILLION
    * SHARE BUYBACK PROGRAMME OF UP TO 6 MILLION SHARES OVER
NEXT
TWELVE MONTHS
    * H1 OPERATING INCOME ROSE BY 20.0% YEAR ON YEAR TO CHF
724.8
MILLION
    * H1 EFG’S OPERATING EXPENSES OF CHF 527.7 MILLION INCREASED
BY
10.6% COMPARED TO THE FIRST HALF OF 2022

Further company coverage:  EFGN.S 

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