ECONOMY

Latsis-owned EFG International enjoys profit climb

Private bank EFG International said on Wednesday that net profit rose 45 percent in the first half of the year, thanks largely to the sale of its remaining stake in a listed subsidiary and a jump in private banking income.

Net new money in continuing businesses was 1.9 billion Swiss francs ($2.03 billion), up 5 percent on an annualized basis, compared to a 5-10 percent annual growth target given by Chief Executive John Williamson in an interview in May.

The bank, controlled by Greek billionaire Spiro Latsis (photo), returned to profit last year after selling or shutting down underperforming and marginal businesses, a reversal of its acquisitive growth strategy under former CEO Lonnie Howell.

EFG said it could also sell its Canadian business in the second half of the year.

[Reuters]