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EFG International reported a net profit exceeding 260 million Swiss francs ($294.18 million) for the first 10 months of 2024, compared to 303.2 million francs for the entire year of 2023. The bank experienced strong inflows, with net new assets of 7.4 billion francs, leading to an annualized growth rate of 6.3%. By the end of October, assets under management reached CHF 159 billion, up from CHF 142.2 billion at the end of 2023.
EFG International reported a net profit exceeding 260 million Swiss francs ($294.18 million) for the first 10 months of 2024, compared to 303.2 million francs for all of 2023. The bank experienced strong cash inflows, with net new assets of 7.4 billion francs, leading to an annualized growth rate of 6.3%. Assets under management increased to 159 billion francs by the end of October, up from 142.2 billion francs at the end of 2023.
EFG International reported a net profit exceeding 260 million Swiss francs ($294.18 million) for the first 10 months of 2024, compared to a full-year profit of 303.2 million francs in 2023. The bank experienced strong cash inflows, with net new assets of 7.4 billion francs, leading to an annualized growth rate of 6.3%. Assets under management increased to 159 billion francs from 142.2 billion francs at the end of 2023.
EFG reported robust net inflows of 7.4 billion Swiss francs ($8.4 billion) in the first ten months of 2024, surpassing its growth target with a 6.3% annualized rate. All regions contributed to this growth, particularly Asia Pacific and Latin America, while total assets under management reached approximately 159 billion francs. Despite a decline in net profit to 260 million francs compared to 303.2 million francs in 2023, the bank"s strategic investments and client trust have driven strong performance.
The Swiss stock market opened positively on Wednesday, recovering from previous losses linked to escalating Ukraine war concerns. The FuW Swiss 50 Index rose by 1.02%, with Holcim leading gains after an upgrade from JPMorgan, while Nvidia"s upcoming earnings are anticipated to significantly impact global markets. EFG International"s CEO projected a strong 2024 despite missing client money expectations.
Swiss private bank EFG International is actively seeking acquisitions to complement its organic growth strategy, according to Group CEO Giorgio Pradelli. The firm is collaborating with investment banks to identify culturally compatible targets that can enhance profitability. EFG anticipates exceeding last year"s record profit, having reported CHF 303.2 million in net profit for 2023 and over CHF 260 million in the first ten months of 2024, driven by strong client trading activity.
EFG International, based in Zurich, is a leading banking group specializing in private banking and wealth management since 1995. The firm is dedicated to providing personalized financial solutions to high-net-worth clients, offering services such as investment advisory and asset management, all while emphasizing client relationships and discretion.Under CEO Brian O'Connell, EFG International is expanding globally, focusing on integrity and client-centricity, and investing in technology to enhance service delivery and client experience. The organization aims to deliver long-term value to its clients and stakeholders through innovative financial products and a robust risk management framework.
The Swiss stock exchange experienced a downward trend, with the SMI index closing at 8056.71 points, down 0.35%. Banking stocks faced pressure due to uncertainties surrounding Brexit and low interest rates, while defensive heavyweights like Novartis and Nestlé showed slight gains. In the broader market, Sulzer surged 11.47% following its acquisition of Geka, while EFG International struggled, dropping 6.30%.
The Swiss stock exchange turned negative, with the SMI down 0.30% to 8060.69 points and the SPI losing 0.37% to 8704.05 points amid low trading volumes. Banking stocks faced pressure, particularly UBS (-1.86%) and Credit Suisse (-1.52%), due to uncertainties around Brexit and low interest rates. Defensive stocks like Novartis (+0.44%) showed resilience, while Sulzer surged 10.59% following its acquisition of Geka.
EFG International shareholders have approved the creation of additional authorized capital to facilitate the acquisition of BSI from PTG Pactual, the current Brazilian owner. The approval allows for the issuance of 15 million registered shares at a par value of 50 cents each, complementing nearly 76 million securities previously authorized. This move ensures the completion of the share component of the transaction.
EFG International AG
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efg international reports strong profit and asset growth in 2024
07:29 20.11.2024
efg international reports over 260 million francs profit in ten months
07:29 20.11.2024
efg international reports over 260 million swiss franc profit in 2024
07:29 20.11.2024
efg reports strong net inflows and profit growth in 2024
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