Ad hoc announcement pursuant to Art. 53 LR
- Net profit grew by 6% year on year to a record¹ CHF 321.6 million in 2024
- Net new assets² totalled CHF 10.1 billion, corresponding to a growth rate of 7.1%, exceeding EFG’s target range of 4-6%
- Highest dividend ever with CHF 0.60 per share proposed for the financial year 2024, up 9% compared to 2023
- EFG to acquire Swiss private bank Cité Gestion with approximately CHF 7.5 billion of Assets under Management, subject to regulatory approval
- Assets under Management totalled CHF 165.5 billion at end-2024, up 16% compared to CHF 142.2 billion at end-2023, reflecting strong net new assets, positive foreign exchange impacts and favourable market performance
- Profit before tax of CHF 381.4 million for 2024, up +14% compared to 2023
- Revenue margin was 96 basis points for 2024, compared to 99 basis points for 2023
- Cost/income ratio improved to 72.9%³ in 2024 compared to 73.3% in 2023
- Return on tangible equity of 18.6% in 2024, above EFG’s target range of 15-18% and up from 18.2% in 2023
- Strong capital and liquidity position, with a CET1 Ratio of 17.7%, a Total Capital Ratio of 21.5% and a Liquidity Coverage Ratio of 242% at end-2024
1 IFRS net profit for 2016 of CHF 339.3 million was 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.
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, commented: “2024 was another year of strong progress and performance for EFG and we remain well ahead of schedule in the delivery of our 2023-2025 strategic plan. Our strong net new asset growth momentum reflects the trust that clients place in us, our Client Relationship Officers and our solutions. It also shows that the strategic investments we made in recent years are bearing fruit. We have translated this growth into increased profitability and delivered another record profit for the year. Our strong result for 2024 will allow us to propose the highest dividend per share ever. This is a testament to our capital-light business model that generates excess capital. Today, we have announced the acquisition of Cité Gestion, a Swiss private bank, to further strengthen our presence in our home market. We have entered the final year of our current strategic cycle with confidence. Throughout 2025 we will accelerate the bank’s transformation to continue to create value for our clients, shareholders and other stakeholders.”
>> Annual report 2024 (PDF)
>> Sustainability report 2024 (PDF)
—
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.
Important Disclaimer
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.
Copyright 2025 © EFG International AG
…………………………………………………………………..
Source:
EFG International AG
Bleicherweg 8, 8001 Zurich, Switzerland
efginternational.com
