Brief: EFG Net Profit Up 10% Y/Y To CHF 162.8 Mln In H1

EFG International AG

24/07/2024 06:07

July 24 (Reuters) - EFG INTERNATIONAL AG  EFGN.S :
    * NET PROFIT GREW BY 10% YEAR ON YEAR TO A RECORD CHF 162.8
MILLION IN 1H24
    * RETURN ON TANGIBLE EQUITY OF 19.2% IN 1H24, COMPARED TO
17.8% IN
1H23, EXCEEDING EFG’S TARGET RANGE OF 15-18%
    * NET NEW ASSETS TOTALLED CHF 5.2 BILLION, CORRESPONDING TO
AN
ANNUALISED GROWTH RATE OF 7.3%, COMPARED TO EFG’S TARGET RANGE
OF 4-6%
    * AUM UP 12% TO CHF 159.3 BILLION AT END-JUNE 2024, COMPARED
TO
CHF 142.2 BILLION AT END-2023, REFLECTING STRONG NET NEW ASSETS,
POSITIVE MARKET PERFORMANCE AND SUPPORTIVE FOREIGN CURRENCY
MOVEMENTS
    * COST/INCOME RATIO OF 72.6% IN 1H24, COMPARED TO 74.4% IN
2H23
AND 73.3% FOR FY23
    * REVENUE MARGIN OF 97 BASIS POINTS IN 1H24, COMPARED TO 98
BASIS
POINTS IN 2H23 AND 100 BASIS POINTS IN 1H23, REFLECTING LOWER
NET INTEREST INCOME MARGIN AND HIGHER COMMISSION INCOME MARGIN,
AS WELL AS HIGHER NET OTHER INCOME MARGIN
    * DECIDED TO REPURCHASE UP TO 6 MILLION EFG SHARES BY 31
JULY 2025
TO FUND VARIABLE DEFERRED SHARE-BASED EMPLOYEE COMPENSATION
    * EXPECTS THAT BUSINESS GROWTH WILL CONTINUE TO SUPPORT
REVENUE
RESILIENCE WHILE THE REVENUE MARGIN NORMALISES FROM A HIGH
STARTING POINT OF 97 BASIS POINTS.
    * ON TRACK TO DELIVER THE PREVIOUSLY ANNOUNCED ANNUAL COST
SAVINGS
OF CHF 60 MILLION IN THE PERIOD FROM 2023 TO 2025 COMPARED TO
ITS 2021 COST BASE.

Further company coverage:  EFGN.S 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))