Swiss private bank EFG International has posted a net profit of CHF19.2m for the first half of 2017, a decrease of 14% from CHF22.3m a year ago.
The bank attributed the decline to costs associated with the acquisition of Swiss private bank BSI, a hit from life insurance products and legal expenses.
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The bank’s underlying net profit was CHF74.5m, as against CHF38.1m in the previous year.
Operating income surged 78% to CHF608.9m from CHF341.7m last year, while net interest income increased 51% to CHF154.3m from CHF102.3m a year ago. Operating expenses jumped 89% year-on-year to CHF566.1m.
Assets under management totalled CHF138.4bn at the end of June 2017, versus CHF80.5bn last year. Net outflows during the period were CHF5.5bn.
EFG CEO Joachim Straehle said: “After the positive trends over the last few months, we are confident that the acquired business will further stabilize in the second half of the year.”
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