Julius Baer increases dividend, profit climbs

Business | 4 Feb 2019 5:30 pm

Julius Baer Group has raised its dividend after its 2018 net profit grew slightly and assets under management decreased.

Net profit for the year grew by 2.7 percent to 735.3 million Swiss francs (US$756.4 million), the Swiss banking group said today, Marketwatch reports.

Julius Baer's assets under management fell by 2 percent to 382 billion Swiss francs on the back of negative market performance following a sharp decline in global stock markets in the second half of 2018, as well as currency effects, it said.

The bank declared a dividend of 1.50 Swiss franc per share for 2018, up 7 percent from the previous year.

The bank is aiming to cut costs by 100 million Swiss francs, and updated its medium-term targets. It expects a headcount reduction of 2 percent by the end of 2019 compared with 2018.

It now expects a cost-income ratio below 68 percent and return on CET1 capital above 32 percent.

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