logo
  

Julius Baer Says 10-month Profitability, Assets Under Management Up; Backs Medium Term View

Julius Baer Group Ltd. (JBARF.PK,JBAXY.PK) Monday said its ten- month profitability rose significantly, benefited by strong growth in client assets and substantial improvements in cost efficiency.

Assets under management or AuM was 484 billion Swiss francs at the end of October 2021, a year-to-date increase of 12%. The increase was driven by continued net new money inflows as well as positive stock market performance and currency movements.

The gross margin was slightly above 82 basis points, lower than last year's 88 basis points, reflecting a softening in client activity from the exceptionally high levels witnessed last year.

While the gross margin contribution from net interest income was slightly lower compared to full year 2020, the contribution from recurring fee income improved, the company noted.

The company further noted that initial results for November indicate a potential recovery for the final two months of the year.

Based on the results, Julius Baer said it is in an excellent position to deliver on the medium-term financial targets set at the beginning of 2020.

The adjusted return on CET1 capital remained significantly ahead of the 2022 target of >30 percent and among the highest in the sector.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Starbucks has dropped its vaccine or weekly test requirement against Covid-19 for U.S. employees in the wake of last week's U.S. Supreme Court ruling. The court, in a 6-3 vote, has blocked President Joe Biden's vaccine-or-test mandate for private companies with 100 or more employees. However, it allowed the vaccine mandate to stand for certain health care workers. Mylan Pharmaceuticals Inc., affiliated to healthcare company Viatris Inc., is recalling one batch of its non-interchangeable Semglee (insulin glargine injection), 100 units/ml (U-100), 3mL prefilled pens due to the potential for a missing label, the U.S. Food and Drug Administration said. Mushie & Co, LLC is recalling FRIGG Silicone Pacifiers citing choking risk, the U.S. Consumer Product Safety Commission said. The recall involves about 333,725 units of FRIGG silicone pacifiers that came in two designs: Classic and Daisy. According to the agency, the base of the silicone nipple has a fine slit that can cause the nipple to detach from the plastic shield, posing a choking hazard.
Follow RTT