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Julius Baer 2018 Profit Rises; Announces Cost Reduction Programme - Quick Facts

Julius Baer (JBARF.PK,JBAXY.PK) reported that its full year 2018 IFRS net profit attributable to shareholders grew by 4% to 735 million Swiss francs and IFRS earnings per share rose by 4% to 3.37 francs. Adjusted net profit for the Group increased slightly to 810 million francs from 806 million francs. Adjusted EPS attributable to shareholders was up 2% to 3.72 francs.

Full year net commission and fee income declined by 1% to 1.90 billion Swiss francs. Net interest and dividend income decreased by 7% to 919 million francs. Excluding items, underlying net interest and dividend income was down 6% to 741 million francs.

Julius Baer announced it has put in place a structural cost reduction programme. The Group will lower expenses by 100 million Swiss francs by further enhancing market focus and related prioritisation of resource allocation; leveraging automation and digitalisation; and applying stricter performance management. This will by the end of 2019 lead to a net reduction in the Group's headcount of 2%. The company said the results from the structural cost reductions are expected to fully materialise in the 2020 financial results.

The Board of Directors of Julius Baer Group Ltd. will propose an ordinary dividend of 1.50 francs per share for the financial year 2018. Assets under management decreased by 2%, to 382 billion Swiss francs.

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