Zurich-based EFG recorded lower profits from its private banking business in Asia during the first half of 2023, with stable revenues but higher costs.
EFG’s APAC private banking and wealth management business registered a net profit of 7.8 million Swiss francs ($9 million) in the first half of 2023, according to the bank’s financial results, down 26 percent year-on-year. Revenues stayed flat at 85 million francs – same as the first half of 2022 – while costs climbed nearly 5 percent to 73.2 million francs.
APAC assets under management (AUM) dipped 3 percent to 29.8 billion francs. The number of full-time employees were also flat at 298 in the region.
Overall, the global private banking and wealth management business posted a net profit of 147.6 million francs, up 45 percent. AUM worldwide fell 6 percent to 146.5 billion francs.
