EFG International made an IFRS net profit attributable to ordinary shareholders of CHF 110.9 million in 2013, an increase of nearly 8% compared with CHF 103.1 million a year earlier.
Excluding non-recurring charges (profit on the sale of EFG Financial Products, as well as legal, regulatory and other expenses), underlying net profit attributable to ordinary shareholders was CHF 111.2 million versus CHF 124.5 million a year earlier.
Operating income (excluding EFG Financial Products) was CHF666 million, down 5% from a year earlier – reflecting lower asset and liability management revenues, increased Tier 2 interest costs, and the absence of structuring transactions relating to large clients.
After allowing for these factors, mainstream private banking revenues from continuing businesses were up 5% compared with 2012, the bank said in its statement.
Revenue-generating assets under management (AuM) were CHF75.9 billion, compared with CHF78.7 billion at end-2012, but up 5% after adjusting for exited businesses and reclassifications.
Net new assets from continuing businesses were CHF3.2 billion, excluding the outflow of a low-yielding single stock position, compared with CHF3 billion a year earlier.
Excluding Switzerland, which experienced a modest outflow in the second half, all other private banking businesses were positive in relation to net new assets.
The bank’s Basel III BIS Capital Ratio stood at 18% at end 2013, up from 15.9% at end-2012.