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Investing.com -- Swiss private bank EFG International has reported a record high net profit for 2024, excluding the non-operating effects of its 2016 BSI acquisition.
The bank’s net profit rose to 321.6 million Swiss francs ($356 million), a significant increase from the previous year’s 303.2 million francs.
EFG International, headquartered in Zurich, also noted a substantial growth in its revenue-generating assets under management. The bank’s assets rose to 165.5 billion francs by the end of the year, up from 142.2 billion francs a year earlier.
The bank attributed this increase to a number of factors, including higher net new assets, positive foreign-exchange impacts, and a favorable market performance.
In addition, EFG International reported an increase in net new assets to 10.1 billion francs for the year. The bank attributed this growth to the contributions from client-relationship officers hired in the aftermath of Credit Suisse’s downfall and the reopening of the market after the pandemic.
The bank also cited its performance in the Asia-Pacific region as a contributing factor. This increase in net new assets represents an annualized growth rate of 7.1%, surpassing the bank’s target range of 4% to 6%.
In addition to these financial gains, EFG International also announced its acquisition of smaller peer Cite Gestion. The terms of the acquisition were not disclosed in the bank’s announcement.
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