BRUSSELS (dpa-AFX) - Julius Baer Gruppe AG (BAER.SW) Tuesday reported profit before tax of CHF 370.2 million, down 32% from last year, primarily impacted by increase in loan loss allowances as well as charges related to completion of sale of Julius Baer Brazil.
Excluding one-time items, adjusted profit before taxes declined to CHF 483.8 million from CHF 550.8 million a year ago.
Net profit was CHF 295.3 million or CHF 1.44 per share, down from CHF 452 million or CHF 2.20 per share in the prior year.
Adjusted net profit decreased to CHF 407.8 million or CHF 1.98 per share from CHF 459.7 million or CHF 2.24 per share a year ago.
Adjusted operating income was CHF 1.910 billion, lower than CHF 1.945 billion last year.
Net interest income decreased to CHF 72 million from CHF 223 million last year, while net commission and fee income rose to CHF 1.143 billion from CHF 1.093 billion a year ago.
Assets under management or AUM at the end of the quarter decreased to CHF 483 billion from CHF 497 billion as at the end of 2024.
Looking ahead, the company said it is on track to achieve CHF 130 million additional gross cost savings on run-rate basis by end of 2025.
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