Swiss bank Julius Baer posts $526 mn profit

7th February 2011, Comments 0 comments

Swiss private bank Julius Baer on Monday posted a six percent growth in annual net profit to 504 million francs (386 million euros, 526 million dollars), slightly above analysts' expectations.

Analysts polled by financial news agency AWP had forecast an annual profit of 497 million francs.

The Zurich-based bank said total client assets rose by 11 percent during the year to 267.3 billion francs, boosted by its acquisition of Dutch bank ING's Swiss business at the end of 2009.

It also booked net new money of 8.8 billion francs, mainly from Asia, Russia, central and eastern Europe, Latin America, and its German business.

"The year 2010 turned out to be another eventful year for financial markets and for our industry," said Julius Baer chief executive Boris Collardi.

"Whilst our results were impacted by the Swiss franc appreciation, our group nevertheless showed a pleasing financial performance," he added.

© 2011 AFP

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