The Swiss group reported half-year figures and the completion of an acquisition that took its AuM total above the SFr200 billion mark in July.

Zurich-headquartered private banking group EFG International reported net profit of SFr184.6 million for the first half of 2026, up 5 per cent on the same period last year. 

Assets under management rose 21 per cent year-on-year to SFr196.3 billion at end-June, a total that has since risen above SFr200 billion following completion of the group's acquisition of Quilvest Switzerland on 21 July.

Net new assets totalled SFr5.7 billion in the first half, an annualised growth rate of 6.2 per cent, beating EFG's target range of 4 per cent to 6 per cent. The bank said net new asset inflows were the main driver of the increase in total assets under management compared with end-2025.

Operating from around 40 locations across Europe, Asia Pacific, the Americas and the Middle East, EFG hired 39 client relationship officers in the first half of 2026, with a further 33 having signed contracts or received offers by end-June, it said in a statement. 

“Our strong results in the first half of 2026 show that we entered our new strategic cycle with positive momentum, delivering against the goals we outlined at our Investor Day in November 2025,” Giorgio Pradelli, CEO of EFG International, said. “Our AuM have increased by more than 20 per cent year on year, driven by continued organic growth and successful acquisitions. With our asset base having reached an all-time high of more than SFr200 billion, we are well positioned for the future.”

Operating income rose 7 per cent year-on-year to SFr856.5 million, excluding an insurance recovery booked in 2025, driven by a 20 per cent increase in net commission income. The revenue margin narrowed to 91 basis points, from 93 basis points in the second half of 2025 and 97 basis points in the first half of last year, excluding the insurance recovery as a lower interest rate environment continued to weigh on interest income even as commission income strengthened.

The cost/income ratio tightened to 71.5 per cent from 73.1 per cent in the second half of 2025, while return on tangible equity rose to 22.4 per cent, above the 20 per cent target EFG has set for 2028. Its common equity tier 1 ratio – an international measure of a bank’s buffer capital – stood at 15.0 per cent at end-June, up 100 basis points since the end of 2025.

The group needs to continue assuring investors of progress – its share price has declined almost 9 per cent since the start of the year; over the 12 months to yesterday’s close, shares are 12.2 per cent, however, showing the shift in sentiment since the start of the new year.

As reported here, Swiss peer Julius Baer posted net new money of SFr5.7 billion and assets under management up 5 per cent year to date to a record SFr547 billion. Julius Baer's net profit more than doubled to SFr673 million.

Quilvest
The Quilvest transaction, initially unveiled in January and completed on 21 July, added around SFr3.9 billion in AuM and SFr1.4 billion in assets under custody. Quilvest Switzerland, previously owned by the Bemberg family's Luxembourg-based holding company, serves ultra-high net worth and HNW clients in Latin America, Western Europe and the Middle East, and will be integrated into EFG Bank.