The Swiss private bank exceeded expectations almost across the board, and lifted its dividend. The solid performance masks the turbulence Julius Baer faced last year.
The result is a resounding response to Chief Executive Boris Collardi's detractors: Julius Baer's assets under management climbed 12 percent last year to 336 billion Swiss francs, the private bank said on Wednesday.
Profit adjusted for restructuring and other expenses trebled to 706 million francs from the prior year, which had been marred by provisions to set aside a major probe in the U.S. over Swiss offshore accounts for wealthy Americans.
Sweetener for Investors
The bank's board opted for a sweetener for shareholders as a result: the bank plans to pay an ordinary dividend of 1.20 francs per share, from 1.10 francs in the prior year.
«We took full advantage of market conditions and our standing as the leading pure private banking group in 2016, by investing significantly in the recruitment of experienced relationship managers,» CEO Collardi said in a statement.
More to follow
