ZURICH :EFG International's net profit fell 1.7 per cent 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.EFG said it had paid 40.6 million francs in legal c
ZURICH :EFG International's net profit fell 1.7 per cent 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.
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. Like many banks, EFG International has seen assets shrink in the light of client uncertainty and tougher market conditions.
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