Published: 04 Feb 2013 10:38 GMT+01:00 | Print version
Updated: 04 Feb 2013 10:38 GMT+01:00
Swiss private bank Julius Bär on Monday posted a 15-percent hike in its 2012 net profit over the previous year, beating analyst expectations amid healthy cash inflows as global financial markets began bouncing back.
Net profit at the bank, which specializes in wealth management, jumped to 298 million francs ($328 million) last year, while its assets under management swelled 11 percent to 189 billion francs, it said in a statement.
"We remained well in favour with clients in all our markets in 2012," company chief executive Boris Collardi said in the statement.
"Substantial net new money inflow near the top end of our target range underlines the fundamental strength" of the bank, he said.
Analysts polled by financial agency AWP had expected the Zurich-based bank to rake in a net profit of 275 million francs last year, while managing 189.3 billion in assets.
Net inflows at Julius Bär were, meanwhile, down 5.7 percent last year at 9.7 billion francs.
The board of directors would propose a dividend of 60 cents, unchanged from the year before, the bank said.
Julius Bär, one of Switzerland's biggest private banks, announced last August that it would buy Merrill Lynch's wealth management business outside the United States and Japan for some 860 million francs, in a bid to strengthen its presence in emerging markets.
The purchase was finalized last week, the bank said.
"We initiated the transition into Julius Bär's next strategic phase of growth, (and) the integration . . . is well on track," Collardi said.
Following the news, Julius Bär saw its share price shrink 1.86 percent to 36.86 francs a piece in morning trading on a Swiss stock exchange up 0.31 percent.
After going undefeated throughout the world ice hockey championship tournament, Switzerland finally succumbed to home town favorite Sweden in the final, losing 5-1 in Stockholm on Sunday. READ () »
Switzerland will play hosts Sweden in the final of the world ice hockey championships on Sunday after each side registered a 3-0 semi-final victory over the United States and Finland respectively. READ () »
Jewellery worth more than $1 million made by Swiss luxury watchmaker and jeweller Chopard and due to be loaned to stars walking the red carpet at the Cannes film festival were stolen from a hotel, French police said on Friday. READ () »
Chinese Premier Li Keqiang embarks this weekend on his first foreign trip since taking office, with a stop in Switzerland on the itinerary and free trade talks between the two countries close to completion. READ () »
The Salvation Army band carrying Switzerland’s hopes into the Eurovision Song Contest was vanquished on Thursday night in Malmö, Sweden. READ () »
More than a third of Geneva’s active working population lives outside the canton, with the majority residing in neighbouring France and the rest largely in the canton of Vaud, according to a report issued on Thursday. READ () »
International Cycling Union (UCI) president Pat McQuaid can count on the support of the Swiss federation in his bid for re-election, the sport's global governing body said on Thursday. READ () »
Switzerland headed to the world ice hockey championship semifinals after a 2-1 win over the Czech Republic on Thursday in Stockholm. READ () »
The chairman of newborn mining and commodities giant Glencore Xstrata, John Bond, was on Thursday axed by its annual general meeting in Zug, just weeks after the Swiss-based group was created via a merger of two key players. READ () »
United Nations chief Ban Ki-moon has nominated former Kenyan minister and member of parliament Mukhisa Kituyi to lead the UN's Geneva-based trade and development body when the current chief steps down at the end of August. READ () »