EFG registered a 78 percent surge in net profit for 2021, fuelled in part by robust growth in client assets.
EFG posted a net profit of 205.8 million Swiss francs ($223.4 million) in 2021 – a 78 year-on-year surge – with an 11 percent increase in operating income to 1.3 billion Swiss francs while expenses stayed flat at 967.9 million Swiss francs (1.7 percent increase).
The results were also notably strengthened by a gain of 51.6 million Swiss francs from EFG’s legacy life insurance portfolio.
Over the past years, we have fundamentally transformed and simplified our business, enhanced our offering, optimized our geographical footprint and achieved sustainable and profitable growth,» said EFG International chief executive Giorgio Pradelli. «We have reached new levels of profitability in 2021 and see strong momentum».
Asset Growth
The bank saw net new assets of 8.8 billion Swiss francs – a 5.5 percent annual increase – with revenue-generating assets under management growing 8.3 percent to 172 billion Swiss francs.
This was despite the previously announced disposal of the Ticino-based retail business and the sale of the Oudart business in France.
People, Content Digital
According to Pradelli, the bank will continue to invest more in content, digital solutions and people – though the number of relationship managers fell 4 percent to 740 in 2021.
Separately, the bank has also appointed chief financial officer Dimistris Politis to the expanded role of deputy chief executive, effective March 1 this year.
