Swiss private-banking group Julius Baer Group Ltd. (JBAXY.PK,JBARF.PK) reported Monday that its first-half IFRS net profit improved 19 percent to 175.5 million Swiss Francs, and IFRS earnings per share climbed 26 percent to 0.90 francs.
Adjusted net profit including the 2011 Germany payment increased 13 percent to 221 million francs and adjusted earnings per share grew 19 percent to 1.14 francs. Excluding the 2011 Germany payment, adjusted net profit decreased 11 percent in the first half.
Net interest income rose to 322.7 million francs from 316.3 million francs a year ago.
Assets under management grew 5 percent since the end of 2011 to 179 billion francs. This increase was driven by strong net inflows of 5.5 billion francs, over 6 percent annualised, as well as positive market performance and currency impacts.
Julius Baer said it has no treasury exposure to Greek, Portuguese, Spanish or Irish issuers and only marginal exposure to Italian sovereign credit.
Boris Collardi, Chief Executive Officer of Julius Baer, said, "Julius Baer's growth strategy remained well on track in the first half of 2012 as evidenced by the strong net new money inflows. At the same time, the ongoing economic and political uncertainty, dominated by the eurozone crisis, continued to frame the market environment."
"Despite the impact of these developments on revenues, we largely defended our profitability on account of continued cost containment and careful allocation of resources," he added.
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