Julius Baer: first-half earnings up sequentially

(CercleFinance.com) - Swiss private bank Julius Baer said on Monday that it saw client activity and asset valuations recover substantially in the first half of 2019 compared to the second half of 2018.


While earnings recovered "considerably" from the challenging second half of 2018, the group's net profit fell by 23% from the first half of 2018, reaching 343 million Swiss francs.

In a statement, Julius Baer said that the cost-reduction program that was initiated earlier this year is "on track," with a 1% decrease in personnel expenses over the first six months of the year.

The bank also said it had a "solid" capital position, with a Tier 1 ratio of 13.1% compared to 12.8% at the end of 2018.

On a positive note, assets under management (AuM) for the first six months of 2019 rose by 7.9% to 412 billion Swiss francs, helped by the recovery in global stockmarkets.

The shares were up 1.5% at 43.5 Swiss francs in morning trading on the SIX Swiss Exchange.

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