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15 marzo 2017

EFG International reports full-year 2016 results

- Full-year 2016 results reflect acquisition of BSI as a transformational step, making EFG one of the largest Swiss private banks with almost CHF 145 billion of Assets under Management at end-2016
- IFRS net profit of CHF 339.3 million, positively impacted by acquisition of BSI; EFG standalone underlying net profit (excluding BSI, non-recurring items and life insurance) of CHF 91.1 million, in line with 2015  
- Strong capital and liquidity position, with Swiss GAAP Common Equity Ratio (CET1) of 18.2%, Total Capital Ratio of 20.0% and Liquidity Coverage Ratio of 210% at end-2016
- Exceeded targets of standalone cost reduction programme, with underlying cost base of CHF 264.3 million in the second half 2016, down 11% compared to the prior-year period; CHF 9.7 million below the target level communicated with first-half 2016 results
- Standalone net new assets of CHF (0.5) billion for the year, reflecting market pressures in Asia and the Americas in the second half 2016, continued strong performance in the UK and robust development in Continental Europe; improved momentum in standalone net new asset generation towards end-2016; BSI had net new assets of CHF (4.9) billion in November and December 2016
- BSI integration process well on track; renewed brand positioning and design for combined business planned for roll-out from second quarter 2017
- Proposed dividend of CHF 0.25 per share, unchanged from last year