Julius Baer reduces its benefit by 27% until June

MADRID, 25 Jul. (EUROPA PRESS) -

Swiss bank Julius Baer posted a net profit of 450 million Swiss francs (456.7 million euros) in the first half of 2022, which represents a drop of 27% compared to the record profit recorded in the same period of the previous year reported the entity.

The turnover of the Swiss entity reached 1,865 million Swiss francs (1,892 million euros) between January and June, the same figure as a year earlier.

Specifically, the net fee income of the Swiss firm in the first half of 2022 fell by 8%, to 1,045 million Swiss francs (1,060 million euros).

On its side, assets under management totaled 428,000 million Swiss francs (434,000 million euros) as of June 30, 11% less than a year earlier, due to the significant corrections in the global stock and bond markets, in one of the the worst six-month periods for capital markets in decades.

Julius Baer Group CEO Philipp Rickenbacher stressed that the semester was marked by unprecedented geopolitical events that had a "profound impact" on asset valuations and customer confidence.

"We remain focused on achieving our goals for the strategic cycle ending in 2022, accelerating cost discipline across the group, doubling down on creating value for clients and opportunities to recruit front-end talent. As such, we are already setting the prerequisites for meeting the long-term growth commitments outlined in our strategy update earlier this year."