Julius Baer FY19 Profit Down, AuM Up; Sets New 2020-2022 Targets

Julius Baer Group (JBARF.PK, JBAXY.PK) reported Monday that its fiscal 2019 IFRS net profit attributable to shareholders fell 36.8 percent to 464.8 million Swiss francs from last year's 735.4 million francs. IFRS earnings per share were 2.14 francs.

The results were impacted by provision related to 2005 acquisition and significant goodwill impairment charge.

Adjusted net profit was 772 million francs or 3.55 francs per share.

IFRS profit before taxes declined by 37 percent to 566 million francs.

Operating income edged up 0.4 percent to 3.38 billion francs from last year's 3.37 billion francs. Net interest income, meanwhile, decreased 2 percent to 792 million francs.

Assets under management was 426 billion francs, an increase of 12 percent, supported by strong market performance and net new money.

Further, the company announced an unchanged ordinary dividend of 1.50 francs per share for financial year 2019.

Separately, the company announced its updated strategy and new medium-term targets for 2020 - 2022. The company said it has shifted from asset-gathering strategy to sustainable profit growth.

By the year 2022, the company projects adjusted pre-tax margin of 25 to 28 basis points, adjusted cost/income ratio of 67 percent or lower, and adjusted return on CET1 capital of at least 30 percent.

The company also projects over 10 percent annual growth in adjusted pre-tax profit over the medium-term cycle.

The company further said investments in technology to power human advice will be accelerated and will be increased by approximately 20 percent in 2020 and 2021.

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