EFG International experiences a notable 3% surge in shares after reporting a record net profit exceeding 240 million Swiss francs in the first 10 months of the year. The bank’s robust financial performance is attributed to its strategic initiatives and effective management.
Strategic Hiring Impact: The addition of more than 130 new client relationship officers (CROs) in 2023 proves instrumental in EFG’s success, with several CROs contributing significantly to asset inflows. CEO Giorgio Pradelli anticipates continued positive momentum, expecting accelerated growth in 2024, fueled by a strong pipeline of net new money.
Record-Breaking Profitability: EFG International proudly declares its 10-month profitability as a record, reflecting the bank’s effective strategies and successful execution of its financial plans.
Share Buyback Program: In response to its strong capital position, EFG announces an extended share buyback program, intending to repurchase up to 3 million additional shares by April 2024. This commitment adds to the existing plan to repurchase up to 6 million shares by September 2024.
Steady Asset Management Growth: Despite a marginal increase in assets under management to 144.1 billion Swiss francs, compared to 143.1 billion at the end of 2022, EFG notes that the growth in net new assets was slightly offset by negative currency effects. The bank remains optimistic about sustaining this growth momentum in the coming months.
This financial update positions EFG International as a robust player in the market, driven by a combination of strategic decisions, strong financial results, and a positive outlook for future growth.