ZURICH, Feb 22 (Reuters) – EFG Worldwide’s (EFGN.S) internet revenue fell 1.7% to 202.4 million Swiss francs ($218.50 million) final yr, the Swiss non-public financial institution mentioned on Wednesday, because it settled authorized proceedings associated to a consumer relationship with a Taiwanese insurance coverage firm.
EFG mentioned it had paid 40.6 million francs in authorized prices and elevated provisions to resolve the dispute, with all proceedings in opposition to the financial institution now ended.
On an underlying foundation, which removes these prices in addition to different gadgets like positive factors from its legacy life insurance coverage enterprise, EFG’s internet revenue elevated to 248.7 million francs from 167.8 million francs a yr earlier.
Belongings underneath administration declined to 143.1 billion from 172 billion Swiss francs on the finish of 2021, nearly matching the 143.6 billion predicted by analysts at Zuercher Kantonalbank and a slight improve from the 140.9 billion francs the corporate reported on the finish of the third quarter.
Newest Updates
View 2 extra tales
Like many banks, EFG Worldwide has seen property shrink within the gentle of consumer uncertainty and harder market situations.
The financial institution mentioned together with the market correction, the decline in property the Swiss financial institution manages displays the disposal of the Spanish non-public financial institution A&G.
The financial institution did nevertheless report internet new property of 4.2 billion francs in 2022. In 2021 EFG reported 8.8 billion francs.
“Now we have maintained our development momentum throughout the yr and now have recorded constructive inflows for 15 consecutive quarters,” mentioned Chief Govt Giorgio Pradelli, saying the financial institution aimed to keep up development and additional improve profitability.
($1 = 0.9263 Swiss francs)
Reporting by Noele Illien, modifying by John Revill
: .