February 26, 2020 / 6:12 AM / in a month

BRIEF-EFG International Says FY Operating Profit Up 112.3% To 172.6 Mln Sfr

Feb 26 (Reuters) - EFG International AG:

* EFG INCREASES NET PROFIT BY 34% AND AUM BY 17%, SUPPORTED BY 4% NNA GROWTH

* NET NEW ASSETS1 OF CHF 5.2 BILLION, CORRESPONDING TO AN ANNUAL GROWTH RATE OF 4.0%, IN LINE WITH TARGET RANGE; FURTHER ACCELERATION IN THE SECOND HALF WITH ALL REGIONS POSITIVE AND AN ANNUALISED GROWTH RATE OF 6.6%

* INCREASE IN ASSETS UNDER MANAGEMENT TO CHF 153.8 BILLION, UP 17.2% FROM END-2018

* IFRS NET PROFIT UP BY 34.0% TO CHF 94.2 MILLION, REFLECTING HIGHER OPERATING INCOME AND FURTHER REDUCTIONS IN OPERATING EXPENSES

* MORE THAN DOUBLED THE IFRS OPERATING PROFIT FROM CHF 81.3 MILLION IN 2018 TO CHF 172.6 MILLION IN 2019

* UNDERLYING NET PROFIT DECREASED TO CHF 108.7 MILLION, REFLECTING CHALLENGING INTEREST RATE ENVIRONMENT AND SUBSTANTIAL INVESTMENTS IN GROWTH

* ACHIEVED CUMULATIVE COST SYNERGIES OF CHF 242 MILLION BY YEAR-END 2019, MEETING THE TARGET ANNOUNCED IN 2016

* PROPOSED DIVIDEND OF CHF 0.30 PER SHARE, UNCHANGED FROM LAST YEAR

* OPERATING INCOME IS EXPECTED TO BENEFIT FROM HIGHER AVERAGE ASSETS UNDER MANAGEMENT LEVELS GIVEN THE SIGNIFICANTLY HIGHER STARTING POINT IN TERMS OF ASSETS UNDER MANAGEMENT AS OF BEGINNING 2020 Source text for Eikon: Further company coverage: (Berlin Speed Desk)

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