EFG International AG

Earnings Release • Nov 20, 2024

Ad hoc announcement pursuant to Art. 53 LR

Zurich, 20 November 2024

10M24: Net profit exceeds CHF 260 million¹ and net new assets of CHF 7.4 billion

• Net profit exceeded CHF 260 million¹ in the first ten months of 2024 (FY23: CHF 303.2 million) and annualised return on tangible equity² was approximately 18.5% (FY23: 18.2%)
• Net new assets totalled CHF 7.4 billion, corresponding to an annualised growth rate of 6.3%, exceeding EFG’s target range of 4-6%; this reflects a strong contribution from new Client Relationship Officers (CROs) hired in 2023
• Assets under Management totalled approximately CHF 159 billion at end-October 2024 (end-2023: CHF 142.2 billion), driven by strong net new assets, positive foreign exchange impacts and favourable market performance in the year to date
• Revenue margin was 96 basis points for the first ten months of 2024, compared to 97 basis points for 1H24 and 99 basis points for FY23
• Cost/income ratio was 73.9%³ for the first ten months of 2024, compared to 73.3% in FY23; reflecting the full impact of investments made in 2023 and the limited revenue contribution from the life insurance portfolio in the past four months 
• Normalised hiring momentum during the reporting period with a total of 60 new CROs

• Strong capital and liquidity position, with a CET1 Ratio of 17.5%, a Total Capital Ratio of 21.3% and a Liquidity Coverage Ratio of approximately 216% at end-October 2024

  1 All financial figures in this media release are unaudited.

  2 For a full definition of Alternative Performance Measures, reconciliations and all additional information, please refer to the full footnotes on page 3 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:  *“We are continuing to deliver against our strategic plan, generating increased net profit in the first ten months of 2024. Our top line has proven resilient throughout this year, supported by higher Assets under Management, continued strong levels of client activity and a significant increase in mandate penetration.

We experienced strong net asset inflows in the reporting period, with the usual seasonal effects during the summer. These inflows are a testament to the trust that our clients place in us. They also demonstrate that the investments we made last year are continuing to bear fruit with the CROs we hired in 2023 contributing significantly to EFG’s total net new assets. While the investments we made are already fully reflected in our cost base, the process of translating our expanded capabilities into further increases in revenues and profitability has only started this year. 

We remain well ahead of schedule in the execution of the 2025 strategic plan we presented two years ago, and we will continue to focus on the delivery of our strategic priorities and on achieving our 2025 financial targets.”

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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.

EFG International AG, Bleicherweg 8, 8001 Zurich, Switzerland

www.efginternational.com

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