Julius Baer 2022 profits fall as it hits business cycle targets

ZURICH (Reuters) – Julius Baer (BAER.S) said on Thursday that its 2022 net profit fell 12% in a tough market environment.

Net income fell from CHF 1.08 billion to CHF 950 million ($1.05 billion). Assets under management at the bank, which competes with UBS (UBSG.S) and Credit Suisse (CSGN.S) in managing investments for the ultra-high net worth, fell 12% as global equity and bond markets adjusted.

The decline in assets under management was somewhat offset by a significant acceleration of new money flowing into banks towards the end of 2022.

“We close out the 2020-2022 strategic cycle with our second best result to date,” CEO Philipp Rickenbacher said in a statement.

“…this has created a strong foothold that has already begun work towards the next three-year cycle.”

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The bank also said it has nominated Jürg Hunziker to its board of directors.

($1 = 0.9071 Swiss Francs)

Reported by Noele Illien, edited by Rachel More and John Stonestreet

Our standards: Thomson Reuters Trust Principles.

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