EFG International has reported an 8.3 percent decrease in pre-tax profits in its 2022 results.

Profits before tax fell from CHF 245.4 million to CHF 237.1 million in the full year 2022, which the firm said reflected “substantial de-risking” through the final settlement of longstanding legacy issue relating to a client relationship with a Taiwanese insurance company.

However, its underlying net profit – which excludes this settlement – increased by 48 percent f...