EFG International made an IFRS net loss attributable to shareholders of CHF6 million in the first half of 2014, as a result of nonrecurring legal charges and provisions.
Excluding non-recurring charges (legal, regulatory and other expenses), underlying net profit attributable to ordinary shareholders was CHF57.6 million versus CHF60.3 million a year earlier.
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Legal charges and provisions included CHF30 million in relation to the US Tax Programme, where EFG is in advanced discussions, made up of additional legal and professional expenses of CHF 8.6 million and CHF21.4 million representing EFG International’s best estimate of the cost of the final penalty.
Operating income was CHF 342.9 million, up 4% from a year earlier, partially offset by a 4% increase in operating expenses.
There was a further improvement in the group’s core private banking performance, with operating income up 5% and profit contribution up 26% year-on-year.
Revenue-generating assets under management (AuM) were CHF 80.1 billion, up from CHF75.9 billion at end-2013.
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By GlobalDataThere was strong improvement in relation to key forward indicators. Net new assets were CHF 2.7 billion (annual growth of 7%), compared with CHF 1.9 billion a year earlier – the UK, Asia, and Continental Europe businesses all delivered double-digit growth.
The number of Client Relationship Officers stood at 456 at mid-2014, up from 416 a year earlier; and the pipeline is strong.
The group’s Basel III BIS Capital Ratio stood at 18.7% at end June 2014, up from 18.0% at end-2013; the CET 1 Ratio increased from 13.5% to 14.1%.
