# EFG International says profitability improved in first nine months
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-10-12
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: EFG International Reports Significant Increase in Profit
Meta Description: EFG International reveals impressive financial growth and new targets for 2025, with net new assets reaching 2.6 billion Swiss francs in 2022.
URL: https://financedigest.com/efg-international-says-profitability-improved-in-first-nine-monthshtml

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ZURICH (Reuters) -EFG International said it had seen a “significant increase” in underlying net profit for the first nine months of 2022 on Wednesday as the Swiss private banker also unveiled new targets.

Net new assets totaled 2.6 billion Swiss francs ($2.61 billion) for the first nine months of 2022, corresponding to an annualised growth rate of 2.0%, the bank said.

But assets under management fell to 140.9 billion Swiss francs at end-September 2022, down from 172 billion at the end of 2021.

The downturn was mainly driven by negative [market performance and the previously announced divestment of the Spanish](https://www.financedigest.com/2017-spanish-property-market-gems-kyero-com-gazes-into-the-crystal-ball.html "2017 Spanish property market gems – Kyero.com gazes into the crystal ball") private bank A&G, the bank said.

Unveiling new financial targets for 2025, the bank said it is now aiming to [deliver 15% growth in net profit](https://www.financedigest.com/pizza-firm-dp-eurasia-delivers-profit-rise-evaluating-russian-business.html "Pizza firm DP Eurasia delivers profit rise, evaluating Russian business") per year.

It is also targeting an average annual [net new asset growth rate](https://www.financedigest.com/ecb-weighs-bigger-rate-hike-with-safety-net-for-indebted-countries.html "ECB weighs bigger rate hike with safety net for indebted countries") of 4-6% over the period, and a cost income ratio of 69%.

We have set ourselves ambitious targets for 2025 and identified a [clear set of measures to achieve continued double digit annual growth,” said Chief](https://www.financedigest.com/crypto-firms-will-develop-offshore-without-clear-us-rules-coinbase-chief-says.html "Crypto firms will develop ‘offshore’ without clear US rules, Coinbase chief says") Executive Giorgio Pradelli in a statement.

($1 = 0.9962 [Swiss francs)](https://www.financedigest.com/swiss-franc-grapples-with-safe-haven-identity-crisis-after-credit-suisse.html "Swiss franc grapples with safe-haven identity crisis after Credit Suisse")

(Reporting by John Revill; Editing by Kim Coghill and Rachel More)


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