Julius Baer has reported an adjusted net profit of CHF261.4 million (US$278.2 million) for the first half of 2013, an increase of nearly 26% from CHF208.1 (US$221.54 million) in the year ago period.
On the basis of IFRS, the Swiss bank’s net profit declined 30% to CHF114 million from CHF162. The results included the impact of the CHF99 million integration and restructuring expenses related to the acquisition of Merrill Lynch’s International Wealth Management or IWM business as well as a CHF28 million charge in relation to the withholding tax treaty between Switzerland and the UK.
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For the first half period ended 30 June 2013, assets under management (AUM) grew by 15%, or CHF28 billion, to CHF 218 billion. This included approximately CHF24 billion of AuM reported from IWM, of which CHF12 billion were booked on the Julius Baer platforms and paid for.
Julius Baer’s operating income rose to CHF 1.08 billion, a year-on-year increase of 25%.
Commenting on the results, Boris Collardi, CEO of Julius Baer Group, said: "On the back of a recovery in client activity and better cost efficiency, our group markedly improved its operational performance in the first half of 2013.
"At the same time, we made tremendous progress in the integration of IWM, which makes us confident that we will achieve our goal of having 80% of targeted IWM client assets reported at Julius Baer by the end of this year."
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