EFG Int'l Reports Highest Dividend in History

For Swiss private bank EFG International, 2024 was a year of strong progress and performance. The result allowed the firm to propose the highest dividend per share ever. 

Swiss private bank EFG International generated a net profit of 321.6 million francs ($356 million) for 2024, the firm announced on Wednesday, marking a 6 percent year-on-year increase.

The bank attracted net new assets of 10.1 billion francs in 2024, corresponding to a net new asset growth rate of 7.1 percent, exceeding EFG’s target range of 4-6 percent. All of EFG’s business regions recorded strong growth momentum and net inflows during the reporting year.

Revenue-generating assets under management increased by 16 percent year on year and totaled 165.5 billion francs at end-2024, compared to 142.2 billion francs at end-2023.

More CROs to Come

Client relationship officers (CROs) who joined EFG in 2023 and 2024 contributed significantly to total net new assets, the bank added.

In 2024, 73 new CROs joined EFG, and the bank has already agreed or made offers to hire an additional 16 CROs who have not yet joined the Bank by end-2024. This compares with EFG’s expectation to hire an average of 50-70 CROs per year. At end-2024, EFG’s total number of CROs worldwide was 703, compared to 693 CROs at end-2023.

Average Portfolio Size

The average CRO portfolio size increased to 348 million francs at end-2024, compared to 321 million francs at end-2023, excluding Shaw and Partners and CROs hired in the last 12 months of the respective period.

For the financial year 2024, the payment of an ordinary dividend of 0.60 francs per share (by way of distribution out of reserves from capital contributions) will be proposed at the annual general meeting of 21 March 2025.

Highest Dividend Ever

This corresponds to an increase of 9 percent compared to the prior year. This is the fourth consecutive increase in the distribution to shareholders and is a testament to EFG’s commitment to a progressive dividend policy, the bank wrote.

The dividend is the highest ever in EFG’s history and will once again be exempt from Swiss withholding tax.