ZURICH, July 24 Reuters Swiss private bank EFG International said on Wednesday net profit grew by 10 to a record 162.8 million Swiss francs 182.7 million in the first half of 2024, posting targetbeating asset inflows over the period.

EFG said inflows had reached 5.2 billion francs by the end of June for an annualised growth rate of 7.3, exceeding its target range of 46, as CEO Giorgio Pradelli said the bank aimed to pursue acquisitions if conditions are right.

Over the next few months, we will leverage our extended platform to translate the strong net new asset inflows that we are now seeing into higher revenues and into a further increase of our profits, Pradelli said in a statement.

Shares in EFG were seen rising by more than 2 in Julius Baer premarket indications following the results.

During a media call, Pradelli said EFG had set three criteria for making acquisitions, including seeking them in locations where EFG is already present and ensuring a cultural fit in terms of managing client relationships.

Third, we want a return on investment over three years of 10. So the acquisition must be accretive, he said.

Pradelli said EFG had reached the midpoint in its 20232025 strategic cycle and was one year ahead of its plan.

Assets under management increased 12 to 159.3 billion francs by the end of June from 142.2 billion at the conclusion of last year, EFG said. Return on tangible equity was 19.2 in the first half, up from 17.8 in the same period last year.

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