Julius Baer posts rise in 9M profitability, sees Kairos charge

Credit: REUTERS/Arnd Wiegmann

Swiss wealth manager Julius Baer on Monday said that profitability improved in the first nine months of 2020 as client activity increased and it cut costs, though it is taking another 177 million euro ($207 million) goodwill charge from its ailing Italian unit Kairos.

ZURICH, Oct 19 (Reuters) - Swiss wealth manager Julius Baer BAER.S on Monday said that profitability improved in the first nine months of 2020 as client activity increased and it cut costs, though it is taking another 177 million euro ($207 million) goodwill charge from its ailing Italian unit Kairos.

"Julius Baer's strong performance in the first half of 2020 continued in the third quarter of 2020," Switzerland's third-largest listed lender said in a statement. "Supported by ongoing active client engagement, operating income was considerably higher in the first nine months of 2020 than in the same period a year ago."

Its adjusted cost-income ratio stood at 66.1% through September, versus 71.1% for full-year 2019.

($1 = 0.8542 euros)

(Reporting by Brenna Hughes Neghaiwi, editing by John Miller)

((brenna.neghaiwi@thomsonreuters.com; +41 58 306 77 35;))

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