(Bloomberg) — EFG Worldwide AG stated a weakening greenback principally eroded the worth of its belongings by 11.7 billion Swiss francs ($14.8 billion) within the first half of the 12 months because the Swiss financial institution reported a 36% acquire in internet revenue.
Income-generating belongings shrank 2% from a 12 months earlier to 162.3 billion francs, with internet new belongings and favorable market efficiency serving to cushion the foreign-exchange affect, the Zurich-based agency stated in a press release on Wednesday.
“We’re conscious of the challenges forward, particularly the structural weak spot of the US greenback and the anticipated interest-rate cuts,” Chief Government Officer Giorgio Pradelli stated. “The one method to mitigate is to turn into extra productive, to enhance the web fee revenue and to scale back the fee revenue ratio. I’m afraid there isn’t a silver bullet.”
With a forty five% stake, Greece’s Latsis household is the principle shareholder of EFG, which competes with Swiss wealth managers together with Julius Baer Group Ltd. and Vontobel. Earlier this 12 months, the financial institution stated it was shopping for smaller rival Cité Gestion in a deal that may add roughly 7.5 billion francs to belongings below administration. In Could, Pradelli advised Bloomberg TV that the financial institution has been scouting for acquisitions however sees a dearth of targets.
Internet revenue jumped to 221 million francs within the first half of 2025, bolstered by a restoration in insurance coverage. It added internet new belongings of 5.4 billion francs. Shares of the financial institution gained as a lot as 5.2% on Wednesday.
EFG additionally stated it will repurchase 9 million shares by the tip of July 2026, valued at round 140 million francs. The transfer would neutralize the dilution of latest shares issued as a part of variable compensation for employees and administration.
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