ZURICH (Reuters) - Julius Baer <BAER.S> highlighted increasingly cautious market conditions amid rising trade tensions on Monday as the Swiss private bank reported a 19 percent rise in adjusted net profit for the first half of 2018.
"Markets had a strong and upbeat start to the year but ended the first half on a more cautious note, pondering the potential impacts of trade tensions and of an impending end to quantitative easing," Chief Executive Bernhard Hodler said in a statement.
Baer, Switzerland's third-largest listed bank, brought in 10 billion Swiss francs (£7.67 billion) in net new money in the first six months of 2018, a growth rate of 5 percent, within its 4-6 percent medium-term target range.
(Reporting by John Revill; Editing by Shri Navaratnam)
