July 26, 2017 / 5:26 AM / a year ago

EFG International says saw further client in H1 at BSI

ZURICH, July 26 (Reuters) - Assets under management at Swiss private bank EFG International fell 4 percent to 138.4 billion Swiss francs ($145.24 billion) in the first half of 2017, due to continued withdrawals by wealthy clients from Bank BSI which it bought last year.

The average forecast in a Reuters poll of four analysts was for assets under management of 141 billion francs.

“After the positive trends over the last few months, we are confident that the acquired business will further stabilise during the second half of the year,” Chief Executive Joachim Straehle said in a statement on Wednesday.

Overall, EFG posted a 19.2 million franc IFRS net profit for the first six months of the year, beating an analyst poll estimate for a 15.6 million franc loss. There had been a wide range of analyst estimates as it was unclear how much of the expected costs from integrating BSI would come in the first half of the year.

$1 = 0.9529 Swiss francs Reporting by Joshua Franklin

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