Profit of Julius Baer grew by 18% in the first half of the year – Kommersant
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Swiss Bank Julius Baer reported on an 18% increase in net profit in the first half of 2023, to 531 million francs ($613 million).
During the reporting period, the volume of assets managed by Julius Baer increased by 4%, or by 7.1 billion francs, to 441 billion francs ($514.7 billion). Analysts expected the bank’s assets to grow by 6.8 billion francs. As the company’s CEO Philip Rickenbacher noted, “to some extent” this was facilitated by the collapse of Credit Suisse and the transfer of some of its clients to Julius Baer. And the most notable inflow of funds was observed in May and June, when UBS completed the acquisition of Credit Suisse. At the same time, Mr. Rickenbacher noted, the inflow of funds was observed “from a much wider range of sources.”
At the opening of trading in Zurich, stock quotes Julius Baer rose by more than 6%.
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