2023-07-24 05:17:02
Zürich (awp) – Julius Bär has increased its profitability after six months in 2003. Boosting its income thanks in particular to the rise in interest rates, the Zurich wealth manager saw its IFRS net profit attributable to shareholders jump by 18% over one year to 532 million Swiss francs. At 7.1 billion, net inflows of funds exceeded expectations.
Net profit adjusted for the effects of acquisitions and divestitures was 541 million Swiss francs, up 14%, Julius Bär said on Monday. Revenues increased by 8.8% to 2.03 billion Swiss francs, thanks in particular to increases in interest rates, which more than offset the decline in commissions and fees.
The adjusted cost-income ratio came in at 65%, compared to 67% a year earlier. At the end of June, the Zurich establishment managed assets of 441 billion Swiss francs, up 4%, thanks in particular to a net inflow of new funds of 7.1 billion.
Performance was more or less in line with analysts’ expectations, with only adjusted net income coming in below expectations. Surveyed by AWP, the experts anticipated an average adjusted net profit of 557 million Swiss francs, for revenues of 1.98 billion. Net inflows of new capital were expected at 6.8 billion and assets under management at 437 billion.
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