ZURICH (Reuters) – Swiss private bank Julius BAER <BAER.S> posted a 19 percent decline in adjusted net profit in the first six months of 2019 as tepid trading continued from its wealthy clients, a dip it nonetheless hailed as a pick-up from challenging conditions at the end of last year.
“Profitability has markedly improved compared to the second half of 2018, as we saw client activity and asset valuations recover substantially,” outgoing chief executive Bernhard Hodler said. “The cost-reduction programme we initiated earlier this year is on track, and we will see its effects materialise in the coming months and throughout 2020, as targeted.”
He is due to be replaced by the bank’s current head of intermediaries and global custody, Philipp Rickenbacher, in September.
(Reporting by Brenna Hughes Neghaiwi, editing by Riham Alkousaa)