Swiss wealth manager EFG International sees first-half net profit up 149 percent from the pandemic-dominated period a year earlier.
Zurich-based EFG International reported net profit attributable to shareholders of 106.5 million Swiss francs (roughly $115 million at current exchange rates) in the first half.
This correlated to a strong 149 percent gain from the same period a year earlier, which was at the height of the global pandemic, against a more moderated 7.3 percent improvement compared with the second half, according to a media release issued early Wednesday.
Assets under management rose 8 percent, driven by inflows of new assets, the weakening of the Swiss franc against major currencies and buoyant markets.
Positive Impact of Growth Strategies
All regions generated new asset inflows while deleveraging from currency-linked products with low margins in Asia Pacific led to outflows. According to the bank, when these were excluded, the region would also have recorded inflows.
EFG International chief executive Giorgio Pradelli characterized the performance: «Our efforts to deliver our entire investment expertise and a full range of products and services to our clients are proving increasingly successful and we are seeing the positive impact of our growth initiatives. In the second half of the year, we will continue to generate operating leverage and execute on our 2022 strategic plan.»
