Private banking group EFG International produced a pre-tax profit of CHF 47.3 million in the first half of the year, up 12.6 percent year-on-year, accelerating a cost-cutting drive as it faced down the pandemic period.

The bank also attracted net new assets worth CHF 4.2 billion in H1 (growth of 5.5 percent), a large increase on the circa CHF 300 million which came into the firm in H1 2019.

During the period, the banking group closed some of its offices in “low yielding, ...