Julius Baer reports record profit, launches share buybacks


Corrections & Amplifications

This headline was corrected at 0750 GMT because the year was misstated as 2020.

By Sabela Ojea

Julius Baer Gruppe AG on Wednesday reported a significant rise in net profit for 2021, achieving the highest level of profit in its history.

The Swiss bank’s net profit increased 55% to 1.08 billion Swiss francs ($1.17 billion), compared with a year earlier, the lender said.

Assets under management grew 11%, reaching CHF482 billion at the end of the year, it said.

Operating income increased 8% to CHF3.86 billion thanks to a strong net commission and fee income, the lender said, noting that monthly average assets under management increased by 15%.

The board has declared a dividend of CHF2.60 a share for 2021, up 49% on year, it said.

“The quality of our financial performance is the result of the strategic agenda we initiated in 2020, with a shift to smart and profitable asset growth, a sharpening of our value proposition, and an acceleration of our investments in technology,” Chief Executive Philipp Rickenbacher said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

This article was originally published by Marketwatch.com. Read the original article here.

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