Swiss bank EFG's shares tumble on 'unexpected' litigation charge

Shares in Swiss bank EFG International EFGN.S fall 8.4%

Company reports a large litigation provision even as it posts 1% increase in full-year net profit

CEO Giorgio Pradelli says the litigation fee resulted from a UK court case in which EFG and other asset managers were accused of laundering bribes to Kuwait's public pension fund

Vontobel analysts say the litigation provision of 60 million Swiss francs ($77.81 million) "unexpected"

It "spoils the party" of solid full-year results, with operating profit in line with estimates and strong net new assets - Vontobel

Barclays also points to a 1.8% miss against consensus for the group's CET1 ratio

Before market open, Barclays said it expected a negative reaction, especially as EFG has several other outstanding cases

($1 = 0.7711 Swiss francs)