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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
 

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