EFG International (EFGN) H2 2024 earnings summary

Executive summary

• Achieved record net profit of CHF 322 million in 2024, up 6% year-over-year, with ROTE at 18.6%, exceeding the 2025 target range.

• Net new asset (NNA) inflows reached CHF 10.1 billion, a 7.1% growth rate, marking the 12th consecutive semester of positive NNA and surpassing the 4-6% target.

• Announced the acquisition of Cité Gestion, a Geneva-based bank with CHF 7.5 billion AuM, strengthening the Swiss market and expected to be EPS accretive by 2026.

• Proposed highest-ever dividend per share at CHF 0.60, up 9% from prior year, the fourth consecutive increase.

Financial highlights

• Operating income increased 4.8% to CHF 1,498.9 million; net profit for 2024 was CHF 322 million, up 6% year-over-year; pre-tax profit grew 14%.

• Revenues increased by 5% to a record level, with a resilient revenue margin of 96 basis points.

• Assets under management (AUM) rose to CHF 165.5 billion, up 16% from the previous year.

• Cost-to-income ratio improved to 72.9%, continuing a five-year trend of efficiency gains.

• Basic EPS rose 6.4% to CHF 1.00; dividend up 9% year-over-year.

Outlook and guidance

• On track to exceed 2025 business plan targets, running one year ahead of schedule.

• 2025 targets: NNA growth 4-6% p.a., revenue margin 85 bps, cost/income ratio 69%, ROTE 15-18%.

• Focus on revenue margin protection, strict cost management, and further M&A opportunities.

• Pro forma AuM expected to reach CHF 175 billion post-Cité Gestion acquisition.