Ad hoc announcement pursuant to Art. 53 LR
EFG International accelerates growth momentum and delivers resilient top line in first half of 2024.
- Net profit grew by 10% year on year to a record CHF 162.8 million in 1H241
- Return on tangible equity2 of 19.2% in 1H24, compared to 17.8% in 1H23, exceeding EFG’s target range of 15-18%
- Net new assets totalled CHF 5.2 billion, corresponding to an annualised growth rate of 7.3%, compared to EFG’s target range of 4-6%
- Assets under Management increased by 12% to CHF 159.3 billion at end-June 2024, compared to CHF 142.2 billion at end-2023, reflecting strong net new assets, positive market performance and supportive foreign currency movements
- Cost/income ratio of 72.6%3 in 1H24, compared to 74.4% in 2H23 and 73.3% for FY23
- Revenue margin of 97 basis points in 1H24, compared to 98 basis points in 2H23 and 100 basis points in 1H23, reflecting lower net interest income margin and higher commission income margin, as well as higher net other income margin
- 42 new Client Relationship Officers (CROs) joined EFG in 1H24
- Strong capital and liquidity position, with a CET1 Ratio of 17.5%, a Total Capital Ratio of 21.3% and a Liquidity Coverage Ratio of 250% at end-June 2024
1 All financial figures unaudited.
2 For a full definition of Alternative Performance Measures, reconciliations and all additional information, please refer to the full footnotes on page 5 of the media release.
3 Excludes CHF 5.0 million of depreciation expenses related to tangible assets previously classified as held for sale related to prior years. See alternative performance measures.
Giorgio Pradelli, CEO of EFG International:
“We delivered a record profit in the first half of 2024 and accelerated our growth momentum. Our consistent net asset inflows are a testament to the strength of our bank and the trust that clients place in us and our expertise; they also show that the investments we have made in 2023 are bearing fruit, as the new CROs hired last year have contributed significantly to our net new assets. Our top-line result was resilient, as higher Assets under Management and increased client activity offset the decline in net interest income.
For the second half of the year, we are fully focused on deploying our expanded capabilities and expertise. 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. We have now reached the midpoint in our 2023-2025 strategic cycle and are one year ahead of our plan. EFG is in a strong position to continue to consistently and successfully execute its strategy and to create value for our clients and all other stakeholders.”
> Half-year 2024 results presentation (pdf, EN)
> Half-Year 2024 Report (pdf, EN)
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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 over 40 locations worldwide. Its registered shares (EFGN) are listed on the SIX Swiss Exchange.
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This document has been prepared by EFG International AG (“EFG”) solely for use by you for general information only and does not contain and is not to be taken as containing any securities advice, recommendation, offer or invitation to subscribe for, purchase or redeem any securities regarding EFG.
This release contains specific forward-looking statements that reflect EFG’s intentions, beliefs or current expectations and projections about EFG’s future results of operations, financial condition, liquidity, performance, prospects, strategies, opportunities and the industries in which it operates. Forward-looking statements involve all matters that are not historical facts. EFG has tried to identify those forward-looking statements by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “seek”, “plan”, “predict”, “continue” and similar expressions. Such statements are made on the basis of assumptions and expectations which, although EFG believes them to be reasonable at this time, may prove to be erroneous.
These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause EFG’s actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic conditions in Switzerland, the European Union and elsewhere, and EFG’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance or achievements to differ materially. In view of these uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. EFG and its subsidiaries, and their directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in EFG’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.
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