July 24, 2019 / 5:08 AM / a month ago

BRIEF-EFG International Confirms 2022 Targets After H1

July 24 (Reuters) - EFG International AG:

* ASSETS UNDER MANAGEMENT1 INCREASED SUBSTANTIALLY TO CHF 147.6 BILLION AT END-JUNE 2019, UP 12.4% COMPARED TO CHF 131.2 BILLION AT END-2018

* UNDERLYING1 NET PROFIT OF CHF 75.6 MILLION AFFECTED BY CHALLENGING MARKET ENVIRONMENT

* IFRS NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE GROUP OF CHF 31.5 MILLION REFLECTS THE IMPACT OF LEGACY ISSUES

* NET NEW ASSETS1 TOTALLED CHF 0.3 BILLION, AS VERY STRONG INFLOWS FROM THE UK AND POSITIVE NET ASSETS FROM CONTINENTAL EUROPE WERE OFFSET BY OUTFLOWS PRIMARILY RELATED TO DELEVERAGING IN ASIA PACIFIC AND LATIN AMERICA

* SAYS SEVERAL BUSINESSES SHOWING POSITIVE TRENDS – PARTICULARLY IN THE UK AND CONTINENTAL EUROPE – WHILE OTHERS ARE TAKING LONGER TO PICK UP GROWTH MOMENTUM

* SAYS IT CONFIRMS ITS 2022 FINANCIAL TARGETS

* SAYS IT AIMS TO RETURN 50% OF UNDERLYING PROFIT TO SHAREHOLDERS AS DIVIDEND PAYMENTS, WHILE MAINTAINING A MINIMUM CET1 CAPITAL RATIO OF 14% Source text: [bit.ly/2y4qXdd] Further company coverage: (Berlin Speed Desk)

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