Swiss bank Julius Baer hit by market downturn during first half of year

The emblem of Swiss non-public financial institution Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Picture

ZURICH, July 25 (Reuters) – Julius Baer (BAER.S) reported on Monday a 26% drop in shareholders’ revenue for the primary half of 2022, because the Swiss wealth supervisor was hit by what it referred to as “one of many worst six-month durations for capital markets in a long time.”

Internet revenue attributable to shareholders fell to 451 million Swiss francs ($468.28 million), lacking analyst forecasts for 477 million francs based on Refinitiv knowledge.

The Zurich-based non-public financial institution mentioned its property beneath administration shrunk 11% to 428 billion francs, because it was hit by the downturn in world markets.

Chief Government Philipp Rickenbacher mentioned the interval had seen “unprecedented geopolitical occasions that had a deep influence on asset valuations and consumer sentiment.”

However the financial institution mentioned there had been a “significant restoration” in internet new cash of 1.5 billion francs because the finish of April, which compensated the outflow of two.7 million francs within the first 4 months of the 12 months.

Western European purchasers contributed to the inflows, the financial institution mentioned, whereas the influence of Asian purchasers de-leveraging their portfolios decreased from March onwards, it added.

($1 = 0.9631 Swiss francs)

Reporting by John Revill, Modifying by Miranda Murray

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