Despite the Covid-19 crisis upending markets, Swiss private bank EFG International posted a 10.5% increase in net profit in H1 2020.

The firm’s net profit in the first six months of 2020 stood at CHF34.8m ($37m), compared with CHF31.5m in the previous year.

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The firm’s operating income increased to CHF563.7m from CHF555.8m over the period.

Operating expenses increased CHF497.2m from CHF503.6m.

Assets under Management (AuM) totalled CHF147.8bn as at 30 June 2020, versus CHF153.8bn at the end of last year.

Negative market and foreign exchange movements initially hit AuM in H1 2020. However, AuM “recovered significantly” from end-April, noted the bank.

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EFG reported CHF4.2bn of net new assets, with strong contributions from the Continental Europe & Middle East, Latin America and UK regions.

Switzerland & Italy Region also generated positive inflows, which were offset by outflows in Asia Pacific due to deleveraging.

The private bank’s Swiss GAAP Common Equity Ratio (CET1) and Total Capital Ratio were 15.3% and 19.1%, respectively, at the end of June 2020.

EFG International CEO Giorgio Pradelli said: “We achieved a robust performance with strong net new asset growth of 5.5% and improved IFRS profitability. Although revenues were adversely impacted by the coronavirus crisis, we saw a positive contribution from our strategic initiatives as they started to pay off.

“We are continuing to execute our 2022 strategic plan, with a focus on sustainable and profitable growth and we are accelerating our planned cost reduction measures – rationalising our global footprint and optimising our operational set-up – to further improve profitability and mitigate pressure on revenues.”