Switzerland-headquartered private bank EFG International’s net profit increased by 36 per cent year-on-year to a record CHF 221.2m (£206.1m) in the first half of 2025, its half-year report has revealed.

This included a CHF 45.4m (£42.3m) net contribution from a previously announced insurance recovery, with net profit standing at CHF 175.8m (£163.8m) excluding the contribution, an 8 per cent year-on-year rise.

Net new assets totalled CHF 5.4bn (£5.03bn), corresponding to an annualised growth rate of 6.5 per cent.

However, the private bank’s assets under management fell by 2 per cent in H1, from CHF 165.5bn (£154.2bn) at the end of 2024 to CHF 162.3bn (£151.2bn) at end-June 2025.

EFG said this reflected strong inflows and positive market performance that was more than offset by the negative impacts of foreign currency exchange, as the US dollar weakened against the Swiss franc.

Including the Cité Gestion and Investment Services Group (ISG) acquisitions, the firm’s pro-forma assets under management were around CHF 173bn (£161.2bn) at the end of June 2025.

The report also revealed that 35 client relationship officers were hired, signed, or under offer in the first half of the year.

EFG continued to de-risk in H1, significantly reducing its life insurance exposure following the divestment of the synthetic portfolio and the sale of around 22 per cent of the outright portfolio.

Its return on tangible equity was 24.4 per cent in H1, or 19.4 per cent excluding insurance recovery, while its CET1 ratio was 17.1 per cent, its total capital ratio was 20.6 per cent, and its liquidity coverage ratio was 255 per cent.

“We delivered a strong performance in the first half of 2025, with another record net profit and a net new asset growth rate above our target range,” stated EFG International CEO, Giorgio Pradelli.

“This strong result reflects the consistent and successful delivery of our strategy which builds on organic growth complemented by strategic acquisitions. Over the last 18 months, we have attracted over CHF 15bn of net new assets and are adding more than CHF 10bn to our asset base through the announced acquisitions.

“At the same time, we are mindful of the challenges ahead, in particular the structural weakness of the US dollar and the expected interest rate cuts.

“However, with our well-diversified business model and offering, we are well positioned to generate further sustainable and profitable growth. We remain confident about our ability to exceed our 2025 ambition.”

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