Half Year 2024 EFG International AG Earnings Call Transcript
Key Points
- EFG International AG (EFGXY) reported a record profit of CHF163 million, a 10% increase compared to the previous year.
- Net new assets annualized growth rate was 7.3%, surpassing the company's 2025 target range.
- The company has achieved its 11th consecutive semester of asset inflows, demonstrating consistent strategy execution.
- Return on tangible equity reached 19.2%, exceeding the target range of 15% to 18%.
- Core Tier One (CET1) ratio improved to 17.5%, indicating strong capital adequacy.
- The investment made in 2023 has not yet yielded its full potential, creating a drag on profitability in the first half of 2024.
- Despite the positive results, the environment remains complex with many uncertainties and high volatility.
- Net interest income faced pressure due to the conversion of deposits to interest-earning products and price competition from larger banks.
- The cost-to-income ratio, although improved, remains relatively high at 72.6%.
- The company is bearing the full cost of strategic investments made in new hires and resources, impacting short-term profitability.
Good morning, ladies and gentlemen. A very warm welcome to our first half 2024 results presentation today in Zurich, a very nice warm summer day for change, no rain. So at least the weather has everything that we can hope for. I'm very pleased to have with us as usual, Our Chief Executive Officer, Giorgio Pradelli, our CFO and Deputy CEO, Dimitris Politis, who will present the results today as usual.
And then we follow up with the Q&A afterwards. So, we have enough time for questions or people in the room and also on the phone lines. So as usual, the disclaimer on the presentation I pointed out, we've being read and then I hand over to George for his presentation. Thank you.
Yes, yes. Thank you, Jens, and good morning. Good morning, everyone, and welcome to our presentation for the first half results for 2024 and welcome to the people that are here present in Zurich, as Jan said, in a nice summer day and to everyone who is attending via the webcast.
Now before going into the
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