EFG International's net profit fell 1.7% to 202.4 million Swiss francs ($218.50 million) last year, the Swiss private bank said on Wednesday, as it settled legal proceedings related to a client relationship with a Taiwanese insurance company.
The logo of EFG International bank is seen at its headquarters in Zurich, Switzerland February 28, 2018. REUTERS/Arnd Wiegmannnet profit fell 1.7% to 202.4 million Swiss francs last year, the Swiss private bank said on Wednesday, as it settled legal proceedings related to a client relationship with a Taiwanese insurance company.
EFG said it had paid 40.6 million francs in legal costs and increased provisions to resolve the dispute, with all proceedings against the bank now ended. On an underlying basis, which removes these costs as well as other items like gains from its legacy life insurance business, EFG's net profit increased to 248.7 million francs from 167.8 million francs a year earlier.
Assets under management declined to 143.1 billion from 172 billion Swiss francs at the end of 2021, almost matching the 143.6 billion predicted by analysts at Zuercher Kantonalbank and a slight increase from the 140.9 billion francs the company reported at the end of the third quarter.
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