Latest news with #privatebank
Yahoo
24-07-2025
- 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
Citi Targets Middle East Money With Push to Hire Private Bankers
Citigroup Inc. 's private bank is planning a hiring drive for the Middle East region as part of the Wall Street giant's global expansion of its services to the ultra-wealthy. James Holder, who assumed leadership of the unit's Middle East operations this year, said in an interview that he aims to recruit private bankers to serve territories including Dubai, Saudi Arabia and Abu Dhabi.
Yahoo
19-07-2025
- Business
- Yahoo
India's HDFC Bank reports 12.2% profit growth in Q1 due to higher interest income
(Reuters) -HDFC Bank, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked. The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG. The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees. Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter. HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees. The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient." Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets. On Thursday, HDFC Bank peer Axis Bank saw its new bad loans double due to a market benchmarking exercise. While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses. The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said. In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory. The board has also approved a special dividend of 5 rupees per share. ($1 = 86.1450 Indian rupees) Sign in to access your portfolio
Yahoo
19-07-2025
- Business
- Yahoo
India's HDFC Bank reports 12.2% profit growth in Q1 due to higher interest income
(Reuters) -HDFC Bank, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked. The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG. The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees. Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter. HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees. The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient." Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets. On Thursday, HDFC Bank peer Axis Bank saw its new bad loans double due to a market benchmarking exercise. While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses. The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said. In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory. The board has also approved a special dividend of 5 rupees per share. ($1 = 86.1450 Indian rupees)
Reuters
19-07-2025
- Business
- Reuters
India's HDFC Bank reports 12.2% profit growth in Q1 due to higher interest income
July 19 (Reuters) - HDFC Bank ( opens new tab, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked. The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG. The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees. Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter. HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees. The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient." Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets. On Thursday, HDFC Bank peer Axis Bank ( opens new tab saw its new bad loans double due to a market benchmarking exercise. While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses. The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said. In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory. The board has also approved a special dividend of 5 rupees per share. ($1 = 86.1450 Indian rupees)
