EFG International Reports Strong Financial Performance and Expansion Plans

ZURICH, Nov 16 (Reuters) - EFG International (EFGN.S) shares surged by 3% in early trading on Thursday following the release of impressive financial results for the first 10 months of the year. The Swiss private bank reported a net profit exceeding 240 million Swiss francs ($270.09 million), showcasing its robust performance and solid financial position.

One of the key drivers behind EFG International's success has been its ability to attract new clients and expand its assets under management. The bank reported net new assets of 5.2 billion Swiss francs for the year to date, indicating strong investor confidence and trust in its services.

Furthermore, EFG International's strategic decision to hire over 130 new client relationship officers (CROs) in 2023 has proven to be fruitful. The addition of these professionals has contributed positively to the bank's growth and client acquisition efforts. By bolstering its workforce with experienced CROs, EFG International aims to enhance customer relationships and provide personalized financial solutions.

In addition to its impressive financial performance, EFG International announced an expansion of its share buyback program. This move demonstrates the bank's commitment to returning value to its shareholders and reflects its confidence in its future prospects.

The positive market response to EFG International's financial results and expansion plans highlights the bank's strong position within the industry. Investors can expect continued growth and profitability as the bank capitalizes on its expanding client base and leverages its strengthened workforce.

Overall, EFG International's ability to deliver strong financial results, expand its assets, and attract new clients positions it as a leading player in the Swiss private banking sector. With a solid foundation and strategic initiatives in place, the bank is well-positioned for sustained success in the future.