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Julius Baer expects higher profits

The private bank and asset management group, Julius Baer, says it expects significantly higher profits for 2000.

This content was published on August 15, 2000 - 11:50

Switzerland's largest family-controlled private bank saw first half profits increase by 80 per cent to SFr249.4 million ($145 million).

A statement from the bank said the strong performance was mainly attributable to revenue from services, which accounted for three-quarters of operating income.

Assets under management were reported at SFr146 billion at the end of the first half, a gain of 14 per cent from the end of 1999.

The bank said it was continuing a share repurchase plan to buy back and nullify shares with a market value of up to SFr100 million by the end of March 2001.

swissinfo with agencies

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