Swiss private bank Julius Baer has posted an attributable net profit of CHF343m for the first half of 2019.
This is a 23% fall from last year’s figure of CHF443.8m.
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The group’s adjusted net profit in the first six months of 2019 was CHF390.5m, a 19% decrease from CHF479.6m in the previous year.
Operating income of CHF1.7bn was 5% lower than the previous year.
On a year-on-year basis, net commission and fee income dropped 6% to CHF956m while net interest and dividend income fell 7% to CHF515m.
Adjusted operating expenses increased 2% year-on-year to CHF1.22bn.
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By GlobalDataAdjusted cost/income ratio at the end of June 2019 stood at 71%, versus 67.3% in the previous year.
Assets under management (AuM) were CHF412bn as of 30 June 2019, a 3% rise from last year and an 8% rise from the end of 2018.
The bank attributed the growth to stock market recovery, the consolidation of Mexican wealth manager NSC Asesores, and net inflows of CHF6.2bn.
Julius Baer Group CEO Bernhard Hodler said: “Profitability has markedly improved compared to the second half of 2018, as we saw client activity and asset valuations recover substantially.
“The cost-reduction programme we initiated earlier this year is on track, and we will see its effects materialise in the coming months and throughout 2020, as targeted.
“At the same time, we have made targeted investments in the future of our business.”
