Swiss bank EFG on course for record profit, CEO says (updated)

EFG International AG

20/11/2024 08:02

(Recasts, adding CEO comments)
       ZURICH, Nov 20 (Reuters) - EFG International  EFGN.S  is
on course to beat last year's net profit and record its most
profitable year, the Swiss private bank's Chief Executive
Giorgio Pradelli said on Wednesday.
        The bank made a net profit "in excess" of 260 million
Swiss francs ($294.18 million) in the first 10 months of 2024,
compared with 303.2 million francs for the whole of 2023, EFG
said in an update on Wednesday.
    "We are ahead of budget and we are on track to beat the
record result of last year," Pradelli told reporters.
    EFG said it was seeing strong cash inflows, with net new
assets of 7.4 billion francs during the period, amounting to an
annualised growth rate of 6.3%.
    Assets under management rose to 159 billion francs at the
end of October, up from 142.2 billion francs at the end of 2023.
    Pradelli said client activity continued in November, helped
by volatility in financial markets.
        "When there is a volatility in the markets, trading
activity goes up," he said, noting that customers were prepared
to take on riskier investments in November.
  
        The bank would also consider acquisitions and was
working with investment banks on potential targets, the
executive added.
  
        "We see that globally the M&A market is more fluid,"
Pradelli said. "We are looking, but there is nothing imminent
for the moment that I can say."
  
        
  
($1 = 0.8838 Swiss francs)

 (Reporting by John Revill and Oliver Hirt, Editing by Miranda
Murray)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))