EFG International says profitability improved in first nine months

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 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 per year.

It is also targeting an average annual net new asset growth rate 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 Executive Giorgio Pradelli in a statement.

($1 = 0.9962 Swiss francs)

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