WASHINGTON (dpa-AFX) - Julius Baer Group Ltd. (JBARF.PK, JBAXY.PK) reported Monday that its first-half IFRS net profit attributable to shareholders declined 26 percent to 451 million Swiss francs from last year.
IFRS earnings per share were down 24 percent to 2.15 francs.
Adjusted net profit was 476 million francs and adjusted earnings per share was 2.27 francs.
Operating income decreased 6.4 percent to 1.87 billion francs from 1.99 billion francs a year ago.
Net interest income, however, increased 11 percent from last year to 342 million francs, reflecting the initial benefits of the first rises in US interest rates.
In the first half of 2022, assets under management or AuM declined 11.2 percent from last year to 428 billion francs, mainly driven by the significant corrections in global equity and bond markets.
Looking ahead, Philipp Rickenbacher, Chief Executive Officer said, 'We remain focused on achieving our targets for the strategic cycle ending in 2022, accelerating cost discipline across the Group, doubling down on efforts to create value for clients and opportunities to hire front-office talent.'
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