Swiss lender EFG posts 10% rise in net profit, robust inflows (updated)

EFG International AG

24/07/2024 06:42

(Adds details from paragraph 3 onwards)
       ZURICH, July 24 (Reuters) - EFG International  EFGN.S 
said on Wednesday net profit grew by 10% to a record 162.8
million Swiss francs ($182.7 million) during the first half of
2024 and said asset inflows had beaten the Swiss private bank's
target over the period.
    The lender said that inflows reached 5.2 billion francs by
the end of June, corresponding to an annualised growth rate of
7.3%, and exceeding EFG's target range of 4-6%.
    Assets under management increased by 12% to 159.3 billion
francs at the of June from 142.2 billion at the conclusion of
last year, EFG said. Return on tangible equity was 19.2% in the
first half, up from 17.8% in the same period last year, it said.
        "Over the next few months, we will leverage our extended
platform to translate the strong net new asset inflows that we
are now seeing into higher revenues and into a further increase
of our profits," EFG CEO Giorgio Pradelli said.
  
        Pradelli said EFG had reached the midpoint in its
2023-2025 strategic cycle, and was one year ahead of the bank's
plan.
  
        The bank said that 42 new client relationship managers
had joined in the first half of the year.
  
        
  
    ($1 = 0.8910 Swiss francs)

 (Writing by Dave Graham
Editing by Ludwig Burger
)
 ((dave.graham@thomsonreuters.com; Reuters Messaging:
dave.graham.thomsonreuters.com@reuters.net))