The Swiss private bank's net profit increases significantly as a result of growing assets and a tight grip on costs.
Julius Baer saw net profit attributable to shareholders rise 23 percent to 606 million Swiss francs (around $657 million at prevailing exchange rates) in the first half from a year earlier, helped by a 7.7 percent rise in income against a 1 percent increase in expenses, according to a media release distributed early Wednesday.
Assets under management were up 12 percent from their levels at the end of last year, helped by inflows of net new money, good markets and the Swiss franc's weakening against other currencies.
The bank's chief executive Philipp Rickenbacher said: «Following a record-high net profit in the first half of the year, we are entering the second half from a position of strength: fully focused on delivering on our strategy and prepared to capitalize on our position as an employer of choice and to capture growth opportunities in our core markets as they arise.»
More to follow
