EFG International says profitability improved in first nine months (updated)

EFG International AG

12/10/2022 06:40

(Adds details, comment)
       ZURICH, Oct 12 (Reuters) - EFG International  EFGN.S 
said it had seen a "significant increase" in underlying net
profit for the first nine months of 2022 on Wednesday as the
Swiss private banker also unveiled new targets.
    Net new assets totaled 2.6 billion Swiss francs ($2.61
billion) for the first nine months of 2022, corresponding to an
annualised growth rate of 2.0%, the bank said.
    But assets under management fell to 140.9 billion Swiss
francs at end-September 2022, down from 172 billion at the end
of 2021.
        The downturn was mainly driven by negative market
performance and the previously announced divestment of the
Spanish private bank A&G, the bank said.
  
        Unveiling new financial targets for 2025, the bank said
it is now aiming to deliver 15% growth in net profit per year. 
  
        It is also targeting an average annual net new asset
growth rate of 4-6% over the period, and a cost income ratio of
69%.
  
        "We have set ourselves ambitious targets for 2025 and
identified a clear set of measures to achieve continued double
digit annual growth," said Chief Executive Giorgio Pradelli in a
statement.
  
($1 = 0.9962 Swiss francs)
 (Reporting by John Revill; Editing by Kim Coghill and Rachel
More)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))