(Reuters) -Swiss bank EFG International's 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
EFG International Achieves Record Profit, Eyes Stronger 2025 Performance
(Reuters) -Swiss bank EFG International's 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)
(Reporting by Ariane Luthi, Editing by Rachel More and Jan Harvey)
