Excluding non-recurring expenses, underlying net profit was up 33% to CHF 74.1m. Operating income was CHF 409.1m, up 3%, and the revenue margin was 104bps (95 bps for the same period last year).
Revenue-generating assets under management were CHF 76.5bn, down 4% on a year earlier and down 2% compared to end-2011, primarily reflecting the impact of businesses being exited as a result of EFG International’s business review.
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EFG also said it has improved its capital structure, pushing its BIS capital ratio, a measure of financial strength, to 15.1% at the end of June from 12.9% at year end.
During the first half of 2012, IFRS net profit was CHF 53.1m, compared with CHF 55.9m a year earlier and a loss of CHF (350.0)m for the second half of 2011.
Net new assets relating to continuing businesses were CHF 1.2bn (compared with CHF 2.7bn during the first half of 2011, but just CHF 0.6bn for 2011 as a whole).
EFG International CEO John Williamson said that with the resetting phase almost complete, the firm is now intent on delivering on its potential.
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By GlobalData"It is firmly committed to being a leading independent private bank, combining a relationship-driven approach with a full range of services," Williamson said.
