EFG posts net new assets of $4.7 billion in four-month update (updated)

EFG International AG

20/05/2026 06:39

Adds CFO quote in paragraphs 3-4, analyst comment in paragraph 7, details on acquisitions and court case in paragraphs 8-9

ZURICH, May 20 (Reuters) - Swiss bank EFG International EFGN.S on Wednesday said it had attracted net new assets of 3.7 billion Swiss francs ($4.7 billion) in the first four months of 2026, for an annualised gain of 6.0% that was at the upper end of its target range.

Revenue-generating assets under management stood at 190.2 billion francs at the end of April, up 3% from the end of 2025 and roughly in line with forecasts, driven by net new assets and market performance, the bank said.

Turmoil in the Middle East has meant that some clients are thinking of moving money around, CFO Dimitris Politis told reporters in a call, citing anecdotal evidence and clarifying the bank would not call the development a trend.

"Some clients who were booked in local banks may have decided for risk reasons to book with international banks, and we're getting a small benefit out of that," Politis said.

The bank's annualised growth target for net new assets is 4-6%.

EFG's net profit was in excess of 130 million francs in the first four months, it said, up slightly from around the same number a year earlier and signaling a single-digit increase.

"Either profit growth accelerates significantly over the remainder of the year or expectations... need to decline," Vontobel analyst Andreas Venditti said in a note to investors.

EFG continues to work on the integration of Cité Gestion and Investment Services Group, which it bought in 2025, and said it expects additional uplift in profit contribution from these acquisitions in 2026 and 2027.

Hearings on a Kuwait pension corruption lawsuit ended, with a verdict expected in the second half of the year, EFG added, after provisions for the case clouded its 2025 results.

($1 = 0.7897 Swiss francs)

 (Reporting by Ariane Luthi
Editing by Ludwig Burger, Louise Heavens, Philippa Fletcher)

 ((Ariane.Luthi@thomsonreuters.com;))