ZURICH (Reuters) – Julius Baer on Thursday said net profit fell 12% in 2022 in a tough market environment, as the Swiss bank said it closed its 2020-22 business cycle by hitting all its financial targets.
Net profit dropped to 950 million Swiss francs ($1.05 billion) from 1.08 billion francs. The bank, which competes with UBS and Credit Suisse in managing the investments of the ultra-wealthy, saw assets under management fall by 12% as global stock and bond markets underwent corrections.
It said the decline in managed assets was somewhat compensated for by a significant acceleration in new money flowing into the bank towards the end of 2022. Net new money totalled 9 billion Swiss francs over the year.
“We are closing the 2020–2022 strategic cycle with the second-best result ever,” Chief Executive Philipp Rickenbacher said in a statement.
“…This puts us on a strong footing from which we have already started the work for the upcoming three-year cycle.”
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
The bank also said it had nominated Juerg Hunziker for election to its board of directors.
a
($1 = 0.9071 Swiss francs)
(Reporting by Noele Illien, editing by Rachel More and John Stonestreet)
