Swiss private banking group Julius Baer Group Ltd. (JBAXY.PK,JBARF.PK) Monday reported a higher annual profit, adding that assets under management grew 11 percent from last year.
Net profit climbed 15 percent to 298 million Swiss francs from 258 million francs in the prior year.
Excluding integration and restructuring expenses as well as the amortisation of intangible assets related to acquisitions, adjusted net profit increased 8 percent to 433 million francs.
Including the 2011 Germany payment, adjusted net profit slid 4.2 percent to 433 million francs. Profit before taxes climbed over 10 percent to 521.3 million francs.
Gross margin was 96 basis points compared to 105 basis points last year, due to further reduction in client activity. Total client assets grew 7 percent to 277 billion francs.
Assets under management or AuM increased 11 percent to 189 billion francs, supported by a significant positive market performance, net inflows of 9.7 billion francs and a slightly negative currency impact. Total client assets, including assets under custody, grew 7 percent to 277 billion francs.
Julius Baer said its board would propose an unchanged ordinary dividend of 0.60 francs per share to the AGM on April 10.
Boris Collardi, CEO, said, "We remained well in favour with clients in all our markets in 2012. The resulting substantial net new money inflow near the top end of our target range underlines the fundamental strength of Julius Baer's product and service offering...''
The stock added 0.8 percent to close at 37.56 francs on Friday.
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