ZURICH, Feb 2 (Reuters) – Julius Baer (BAER.S) said on Thursday net profit would fall 12 percent in 2022 amid tough market conditions, as the Swiss lender said it achieved all financial results by Target wraps up the 2020-22 business cycle.
Net profit fell to 950 million Swiss francs ($1.05 billion) from 1.08 billion Swiss francs. The bank, which competes with UBS (UBSG.S ) and Credit Suisse (CSGN.S ) in managing the investments of the ultra-wealthy, saw assets under management fall 12 percent as global stock and bond markets corrected.
The rate of new money flowing into banks accelerated significantly by the end of 2022, partly compensating for the decline in assets under management, it said. Net new funds for the year totaled CHF 9 billion.
“We are finishing our 2020-2022 strategy cycle with the second-best result ever,” Chief Executive Philipp Rickenbacher said in a statement.
“…this puts us on solid ground and we have already started work for the upcoming three-year cycle.”
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The bank also said it had nominated Juerg Hunziker for election to the board.
($1 = CHF 0.9071)
Reporting by Noele Illien, Editing by Rachel More and John Stonestreet
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