Underlying operating income at the Swiss private bank rose by 6.4% to CHF1.2bn in 2022, with steady underlying operating expenses throughout the year.
This resulted in a 30.9% year-on-year increase in underlying operating profit to CHF309.6m.
The group’s annual underlying net interest income grew by 58% to CHF406.9m.
International Financial Reporting Standards (IFRS) net profit dropped by 1.7% to CHF202.4m. This was mainly due to significant de-risking undertaken through final settlement of legacy issue associated with a client relationship with a Taiwanese insurance firm, the bank said.
Underlying return on tangible equity was 16.4% in 2022 as against 10.6% a year ago.
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Assets under Management slipped to CHF143.1bn from CHF172.0bn at the end of 2021 due to the sale of the firm’s stake in Spanish private bank A&G, negative foreign exchange impacts and others.
EFG International’s net new assets stood at CHF4.2bn, representing a yearly growth rate of 2.4%.
The bank has proposed to increase its dividend by 25% to CHF0.45 per share. It also announced a share buyback plan.
EFG International CEO Giorgio Pradelli said: “Throughout 2022, we stayed close to our clients, focused on our strategic priorities and delivered strong operating results with record underlying net profit of CHF249m.
“At the same time, we have maintained our growth momentum during the year and now have recorded positive inflows for 15 consecutive quarters.
“We successfully completed our 2019-2022 strategic plan and took EFG’s profitability to the next level, while fundamentally transforming and de-risking the bank.”