EFG International is on track to achieve a record net profit in 2024, surpassing last year"s performance.

In the first ten months of 2024, the bank reported a net profit exceeding 260 million Swiss francs ($294.18 million), compared to 303.2 million francs for the entirety of 2023.

The bank is ahead of budget and expected to exceed its previous record. Cash inflows have been strong, with net new assets totaling 7.4 billion francs, reflecting an annualized growth rate of 6.3%. Assets under management have increased to 159 billion francs as of the end of October, up from 142.2 billion francs at the end of 2023.

Client activity remains robust, particularly in November, driven by market volatility that has encouraged customers to engage in riskier investments. EFG is also exploring potential acquisitions and collaborating with investment banks to identify targets, indicating ongoing interest in strategic growth opportunities.