Trading during COVID-19 pandemic helps Julius Baer to 43% profit jump

Credit: REUTERS/ARND WIEGMANN

Active trading during the coronavirus pandemic helped Julius Baer post a 43% rise in half-year net profit to 491 million Swiss francs ($523.01 million) on Monday, a record result for the Swiss wealth manager.

ZURICH, July 20 (Reuters) - Active trading during the coronavirus pandemic helped Julius Baer BAER.S post a 43% rise in half-year net profit to 491 million Swiss francs ($523.01 million) on Monday, a record result for the Swiss wealth manager.

"With the full economic impact of COVID-19 still ahead of us, we are confident that we are well prepared for a challenging second half of the year," Chief Executive Philipp Rickenbacher said in a statement. "We are well positioned to maintain the stability of our business."

The Swiss wealth manager posted net client inflows of 5.0 billion Swiss francs, while assets under management fell 6% from end-2019 to 401.8 billion francs due to falling markets and the negative currency impact of a strengthening Swiss franc.

($1 = 0.9388 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi)

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

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