Latest news with #EFGInternational
Yahoo
7 days ago
- Business
- Yahoo
EFG first half profit grows on insurance settlement gains
EFG International's profit grew in the first half of 2025, benefitting from an insurance settlement with a Taiwanese insurance firm. The Swiss private bank registered a net profit of Sfr 221.2m ($279m) in H1 2025, a 36% rise from the previous year, largely driven by a Sfr45.4m net gain from the insurance recovery. Excluding the gain from insurance settlement, the bank's net profits grew by 8% to Sfr175.8m. Its net new assets amounted to Sfr 5.4bn, translating to an annualised growth rate of 6.5%. This figure surpasses the bank's target range of 4-6%. However, assets under management experienced a dip, totalling Sfr162.3bn at the end of June 2025, down 2% compared with the end of 2024. According to a statement from the bank, this was primarily due to negative foreign exchange impacts amounting to Sfr11.7bn, which outweighed 'strong' inflows and 'positive' market performance. Operating income increased by 15% to Sfr853.9m, bolstered by an increase in net banking fees and commission income, alongside stable net interest income. However, operating expenses rose, increasing by 4% to Sfr 573.6m, due to the bank's investment in expanding its talent pool and client coverage. The cost/income ratio showed improvement, settling at 66.7%, or 71.2% when excluding the insurance recovery, compared with 72.6% recorded in H1 2024. As of 30 June, EFG's CET1 ratio was 17.1%, total capital ratio was 20.6%, and liquidity coverage ratio stood at 255%. Despite the positive results, EFG maintains a "cautious stance" regarding the market outlook for the latter half of 2025 and the future, acknowledging the ongoing complexity of the operating environment. The bank has also revised its cost savings expectations, now aiming to deliver annual savings of Sfr 66m from 2023 to 2025, an increase from the previously announced Sfr 60m. As of the end of June, EFG has already realised CHF 63 million of these savings. Additionally, the board of directors of EFG International has approved a share buyback programme, targeting the repurchase of up to 9 million EFG shares by 31 July 2026. This initiative aims to fund variable deferred share-based compensation for employees and will be conducted through market-sensitive open market purchases by a third party. EFG CEO Giorgio Pradelli said: 'This strong result reflects the consistent and successful delivery of our strategy which builds on organic growth complemented by strategic acquisitions. Over the last 18 months, we have attracted over CHF 15 billion of net new assets and are adding more than CHF 10 billion to our asset base through the announced acquisitions. 'At the same time, we are mindful of the challenges ahead, in particular the structural weakness of the US dollar and the expected interest rate cuts. However, with our well-diversified business model and offering, we are well positioned to generate further sustainable and profitable growth. We remain confident about our ability to exceed our 2025 ambition.' "EFG first half profit grows on insurance settlement gains" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23-07-2025
- Business
- Bloomberg
Swiss Bank EFG Warns of Weakening Dollar as Net Profit Jumps 36%
EFG International AG said a weakening dollar mostly eroded the value of its assets by 11.7 billion Swiss francs ($14.8 billion) in the first half of the year as the Swiss bank reported a 36% gain in net profit. Revenue-generating assets shrank 2% from a year earlier to 162.3 billion francs, with net new assets and favorable market performance helping cushion the foreign-exchange impact, the Zurich-based firm said in a statement on Wednesday.
Reuters
23-07-2025
- Business
- Reuters
EFG International posts record profit, anticipates better than expected 2025
July 23 (Reuters) - Swiss bank EFG International's (EFGN.S), opens new tab net profit rose 36% year-on-year to a record 221.2 million Swiss francs ($278.8 million) in the first half, boosted by a 45.4 million franc net contribution from an insurance recovery, it said on Wednesday. Excluding this one-time effect, profit grew by 8% to 175.8 million francs, the bank added in its half-year statement. CEO Giorgio Pradelli told journalists that EFG remained very confident about its ability to beat its ambitions for 2025, which include a return on tangible equity of 15-18%. For the mid-term market outlook the bank took a more cautious stance, with Pradelli citing ongoing uncertainties around geopolitics and tariffs, as well as the significant devaluation of the U.S. dollar against the Swiss franc. "We are mindful of the challenges that lie ahead," he said. EFG's net new assets totalled 5.4 billion francs in the first half of 2025, beating expectations. Despite strong inflows and a positive market performance, assets under management were down 2% at 162.3 billion francs from the end of 2024, reflecting negative foreign exchange effects of 11.7 billion francs, the bank said. ($1 = 0.7934 Swiss francs)
Reuters
23-07-2025
- Business
- Reuters
EFG International posts record profit of $279 million
July 23 (Reuters) - EFG International's (EFGN.S), opens new tab net profit grew by 36% year-on-year to a record 221.2 million Swiss francs ($278.80 million) in the first half of 2025, the Swiss bank said on Wednesday. ($1 = 0.7934 Swiss francs)
Yahoo
27-06-2025
- Business
- Yahoo
EFG's Shaw and Partners to pick 75% stake in New Zealand's ISG
Sydney-based Shaw and Partners Financial Services, a fully owned subsidiary of EFG International, has agreed to acquire a 75% stake in Investment Services Group (ISG) for NZ67.5m ($40.8m). The transaction is subject to regulatory approval. ISG, an Auckland-based investment firm, manages over NZ7bn ($4.2bn) in assets across its wealth management, funds management, and investment platform divisions. ISG operates two main offices in Auckland's CBD and Takapuna, alongside several regional offices across New Zealand's North and South Islands. ISG's diversified model is expected to complement Shaw and Partners' existing offerings. The acquisition represents a significant step in Shaw and Partners' growth strategy, marking its formal entry into the New Zealand market and enhancing its presence across the Trans-Tasman region. Following the acquisition, ISG's business will report to Shaw and Partners' Australian CEO, Earl Evans. 'Shaw and Partners and ISG share a client-first approach, an entrepreneurial mindset, and a clear strategic vision,' the company stated. EFG International, headquartered in Zurich, is a global private banking group providing private banking and asset management services, with operations in over 40 locations worldwide. In February this year, EFG announced the acquisition of Swiss private bank Cité Gestion, which specialises in serving ultra-high-net-worth individuals (UHNWIs) from Switzerland, Western Europe, Latin America, and the Middle East. In April this year, EFG (Middle East) Limited in Dubai (EFG Dubai), part of EFG International, appointed Soha Nashaat as its new executive chair. She works with EFG International's senior management to align with the group's strategic goals. "EFG's Shaw and Partners to pick 75% stake in New Zealand's ISG" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
