Julius Bär six-month profit down one-third
The challenging conditions in financial markets have hit the bottom line of bank Julius Bär, which saw its net profit decline 37 per cent compared with the same period last year.
The SFr324 million ($303 million) six-month profit for Switzerland's largest dedicated asset manager however surpassed analysts' expectations of SFr287 million.
Operating income declined by 24 per cent to SFr 1.22 billion and the bank trimmed expenses by 12 per cent, it said in a statement released on Monday.
Zurich-based Julius Bär said its consolidated balance sheet "showed virtually no change" by the six-month mark of the year.
Assets under management grew nine per cent to SFr299 billion, Julius Bär said. Total client assets, which include assets under custody, stand at SFr367 billion.
The net cash inflow in private banking more than halved to SFr3.8 billion from SFr8.4 billion a year earlier. Net cash outflow in its asset management division declined by SFr500 million.
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