View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
February 26, 2009

Reuters: EFG shares collapse as profits slide

By Spear's

Shares in EFG International AG tumbled over 30 percent to a record low on Wednesday after the Swiss private bank missed 2008 earnings forecasts, cut its dividend and ditched its 2010 targets.

By Lisa Jucca and Martin de Sa’Pinto

ZURICH, Feb 25 (Reuters) – Shares in EFG International AG (EFGN.S) tumbled over 30 percent to a record low on Wednesday after the Swiss private bank missed 2008 earnings forecasts, cut its dividend and ditched its 2010 targets.

EFG reported a worse-than-expected 33 percent fall in net profit to 221.9 million Swiss francs ($192 million) and said market conditions remained challenging.

Analysts polled by Reuters had on average forecast a profit of 313 million francs. EFG said exceptional economic conditions in 2008 slowed its progress and “will continue to constrain growth during the current year”. It also said the change in market conditions made its 2010 targets, set in 2007, unattainable.

To read the full story, visit reuters.com
 

Content from our partners
Meet the females leading in the FTSE
A cut above: Charles Sanford on why HNW clients choose LGT Wealth Management
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network