EFG International AG

Earnings Release • May 28, 2024

Zurich, 28 May 2024

4M24: Net profit exceeds CHF 110 million; annualised NNA growth rate of 7.6%, corresponding to CHF 3.6 billion NNA

• Net profit exceeded CHF 110¹ million in the first four months of 2024 (FY 2023: CHF 303.2 million). Return on tangible equity² exceeded 20% for the reporting period
• Net new assets totalled CHF 3.6 billion, corresponding to an annualised growth rate of 7.6%, above 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 CHF 157.5 billion at end-April 2024 and rose by 11% compared to CHF 142.2 billion at end-2023, driven by strong net new assets, positive foreign exchange impacts as well as favourable market performance
• Cost/income ratio improved to 72.5% in the first four months of 2024, compared to 73.3% for the full year 2023
• Revenue margin was 96 basis points in the first four months of 2024, compared to 99 basis points for the full year 2023; decrease reflecting lower net interest income margin 
• Return to more normalised hiring momentum during the reporting period with a total of 26 new CROs

• Strengthened capital position, with a CET1 Ratio of 17.4% and a Total Capital Ratio of 21.2%. Liquidity Coverage Ratio of 221% at end-April 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 .

Giorgio Pradelli, CEO of EFG International, commented:   “We have achieved a promising start to the year with strong financial performance and increased client momentum, resulting in a significant acceleration of net asset inflows. Our annualised net new asset growth rate of 7.6% is above our target range and was driven in large part by the CROs we hired in 2023. This demonstrates that the strategic investments we made last year are already bearing fruit and positioning us for future growth. We have also delivered robust top-line results due to our increased assets under management, as well as higher levels of client activity. At the same time, we maintain a disciplined approach to costs and pursue targeted efficiency measures, while we are continuing to invest in our future growth and in further building the EFG brand. Our strategy has been effective and we will continue to work towards our 2025 ambition of sustaining profitable growth and achieving scale.”

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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 around 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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