Julius Baer reported a 35% drop in first-half net profit, as legacy issues and loan-loss provisions weighed heavily on the Swiss private bank’s financial performance. Net income fell to CHF 295 million, down from CHF 452 million a year earlier, primarily due to a CHF 130 million writedown related to the sale of its Brazil wealth management operations and additional credit provisions.
Despite the drag from these one-off items, underlying business momentum remained strong. Net new money more than doubled to CHF 7.9 billion, lifting total assets under management to CHF 483 billion. Adjusted net profit, which excludes exceptional charges, rose 11% to CHF 511 million, while the adjusted cost/income ratio improved to 68.2%.
CEO Stefan Bollinger reaffirmed the bank’s commitment to its strategic agenda, including cost savings and tighter risk controls, and noted that no further loan-loss provisions are anticipated in the near term. However, the results underscore the lingering impact of past decisions and compliance failures, which continue to cloud investor confidence.
While Julius Baer appears to be stabilizing its core business, legacy charges remain a significant overhang on performance.
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