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Julius Baer H1 Profit Down - Quick Facts

Julius Baer Group (JBARF.PK,JBAXY.PK) reported that its net profit attributable to shareholders for the first-half of 2019 decreased by 23% to 343.1 million Swiss francs, from 443.8 million francs last year. Earnings per share 1.58 francs, a decrease of 23% from the previous year.

Adjusted net profit were 391 million francs, a decrease of 19% year-on-year. Adjusted earnings per share were 1.79 francs, a decline of 18% from last year.

Bernhard Hodler, Chief Executive Officer of Julius Baer Group Ltd., said,"The cost-reduction programme we initiated earlier this year is on track, and we will see its effects materialise in the coming months and throughout 2020, as targeted."

Assets under management ended the first six months of 2019 at 412 billion francs, an increase of 30 billion francs, or 8%, since the end of 2018.

Net commission and fee income decreased by 6% year-on-year to 956 million francs, hurt by lower client transaction activity.

Net interest and dividend income declined by 7% year-on-year to 515 million francs. It included 162 million francs of dividend income on trading portfolios, up 2% year-on-year.

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