BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Julius Baer (JBARF.PK, JBAXY.PK) said, together with the Board of Directors, it will review the company's private debt business and the framework in which it is conducted. Julius Baer also stated that is very well capitalised and has been consistently profitable under all circumstances. Also, the company reconfirmed its capital distribution policy, under which it targets a dividend payout ratio of approximately 50% of adjusted net profit attributable to shareholders, with the dividend per share at least equal to the previous year's dividend per share.
Philipp Rickenbacher, CEO, said: 'We regret that a single exposure has led to the recent uncertainty for our stakeholders.'
In the Interim Management Statement on 20 November 2023, Julius Baer reported that it had booked provisions of 70 million Swiss francs against the credit portfolio after 31 October 2023. The Group confirmed that this amount was primarily related to the single largest exposure in its private debt loan book. This nominal exposure amounts to 606 million francs comprising three loans to different entities within a European conglomerate. Julius Baer noted that it has taken measures to protect its interests and to preserve the value of its collateral.
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