In the first half of 2025, Julius Baer recorded net new money inflows of 7,9 billion francs – more than twice as much as in the previous year, according to the half-year figures published on Tuesday.

The inflows came primarily from clients based in the group’s key markets in Asia (particularly Hong Kong, Singapore, and India), Western Europe (notably the UK, Ireland, and Germany), and the Middle East (mainly the United Arab Emirates and Bahrain).

Robust Commission Business

Assets under management (AuM) stood at 483 billion francs at the end of June, with an average monthly increase of 7 percent, but were 15 billion percent (–3 percent) lower compared to the beginning of the year. Underlying group net profit rose by 11 percent to 511 million francs, supported by tight cost management (cost/income ratio: 68,2 percent). However, IFRS net profit fell by 35 percent to 295 million francs, mainly due to credit impairments (130 million francs) and a net impact of 99 million francs related to the sale of Julius Baer Brazil – the group’s domestic operation in Brazil – in March of this year.

Despite the divestment of the Brazilian subsidiary, the commission business remained robust (+5 percent), while the interest income business suffered from currency effects and declining interest rates. Income from financial instruments (FVTPL) rose by 27 percent to 807 million francs, driven by treasury swaps. The balance sheet remains highly liquid (LCR: 303 percent), with a solid CET1 ratio of 15,6 percent and a Tier 1 leverage ratio of 4,9 percent.

On Track With Cost-Cutting Program

Thanks to progress in cost reduction (gross savings target of 130 million francs by the end of 2025 on track) and a strengthened risk culture, the group remains strategically well-positioned.

«It is encouraging to see the positive momentum reflected in more than twice the net new money compared to the previous year and a double-digit increase in underlying group profit – while maintaining our focus on clients and risk management. At the same time, we are implementing organizational and operational changes and are ahead of schedule with our cost-cutting program. I am confident that we have all the ingredients needed to unlock our full potential and achieve our mid-term targets,» said CEO Stefan Bollinger.