- Net profit grew by 50% year on year to a record* CHF 303.2 million in 2023
- Dividend of CHF 0.55 per share proposed for 2023, up 22% compared to 2022
- Return on tangible equity** of 18.2% in 2023, compared to 13.4% in 2022, above EFG’s target range of 15-18%
- Net new assets totalled CHF 6.2 billion, corresponding to a growth rate of 4.4%, within EFG’s target range of 4-6%
- Hiring 141 new Client Relationship Officers (CROs), of whom 104 joined EFG in 2023 and have already contributed significantly to net new assets
- Assets under Management totalled CHF 142.2 billion at end-2023, compared to CHF 143.1 billion at end-2022, reflecting the negative impact of the stronger Swiss franc, which more than offset net new assets and positive market performance
- Cost/income ratio improved to 73.3% in 2023 (2022: 76.0%)
- On track to deliver the previously announced annual cost savings of CHF 60 million by 2025 over a three-year period compared to the cost-base of 2021
- Strong capital and liquidity position, with a CET1 Ratio of 17.0%, a Total Capital Ratio of 21.0% and a Liquidity Coverage Ratio of 230% at end-2023
- * IFRS net profit for 2016 of CHF 339.3 million positively impacted by non-operating effects related to the BSI acquisition, specifically the “Bargain purchase on business acquisition” of CHF 530.8 million. The Bargain purchase on business acquisition reflects the difference between what EFG assessed to be the final purchase price for BSI of CHF 783.9 million, compared to the fair value of the net assets acquired on 31 October 2016 of CHF 1,314.7 million.
** For a full definition of Alternative Performance Measures, underlying results, reconciliations and all additional information, please refer to the full footnotes on page 7 of the FY23 media release.
Giorgio Pradelli, CEO of EFG International, commented: “Our record profit and our strong operational performance demonstrate that we are delivering on our strategy more rapidly than originally envisaged, which puts us a year ahead of plan. This strong start to the 2023-2025 strategic cycle is a testament to our well-diversified business model and the great commitment of our colleagues as we continue to navigate a volatile operating environment with many unforeseen developments that caused disruption both in Switzerland and abroad.
We made strategic investments in EFG’s future growth in 2023 by hiring a significant number of new Client Relationship Officers as we expanded our talent base to further strengthen our offering and reach. Our focus is now on putting our expanded capabilities and expertise to work to create additional value for our clients. While we are aware of short-term challenges in our operating environment, we remain confident about the outlook for our business and our ability to achieve scale, generate consistent financial performance and deliver attractive returns for our shareholders.”
Full ad hoc announcement and presentation slides
The full ad hoc announcement and presentation slides are available for download
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About EFG International
EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. EFG International›s group of private banking businesses operates in around 40 locations worldwide. Its registered shares (EFGN) are listed on the SIX Swiss Exchange.
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