The Swiss private bank, operating in a number of the world's regions, logged a robust set of figures in its latest performance report yesterday.

EFG, the Zurich-listed private bank, yesterday reported that its net profit for the first four months of 2024 exceeded SFr110 million ($120.6 million), against SFr303.2 million for the whole of 2023, while its net new assets totalled SFr3.6 billion, equating to an annualised growth rate of 7.6 per cent.

The net new money figure is above the firm’s target range of 4 to 6 per cent, EFG said in a statement yesterday. EFG said the inflow was driven by a “strong contribution” from new relationship managers. A total of 26 new client relationship officers were hired during the reporting period, with hiring returning to a more “normalised” level, it said.

Assets under management totalled SFr157.5 billion at end-April 2024, rising by 11 per cent from the end of 2023, driven by strong net new assets, positive foreign exchange impacts as well as favourable market performance.

EFG’s cost/income ratio narrowed to 72.5 per cent in the first four months of 2024, compared with 73.3 per cent for the full year of 2023.

Julius Baer had a Common Equity Tier 1 ratio of 17.4 per cent at the end of the reporting period, and a liquidity coverage ratio of 221 per cent at the end of April.