Swiss private bank Julius Baer has presented its 2025 half-year results. Underlying results, when certain one-off impacts are removed, showed a year-on-year improvement, it said.

Zurich-headquartered Julius Baer's net profit reached SFr295 million ($370 million) in the first half of 2025, sliding by 35 per cent compared with the first half of 2024. International Financial Reporting Standards (IFRS) earnings per share were SFr1.44, affected by a previously-disclosed increase in loan loss allowances and the one-off (non-cash) impact from completing the sale of Julius Baer Brazil.

Underlying net profit, excluding M&A-related items and first half of 2025 net credit losses, reached SFr511 million, up 11 per cent year-on-year. The underlying cost/income ratio also tightened to 68.2 per cent compared with the first half of 2024 at 71 per cent.

There was sustained client momentum with net new money inflows more than doubling year-on-year to SFr7.9 billion, the bank said in a statment yesterday.

Julius Baer assets under management (AuM) reached SFr483 billion mid-2025, compared with SFr497 billion at the end of 2024, as the positive effects of solid net new money and rising global equity market valuations were more than offset by the impact of the weaker US dollar against the Swiss franc and sale and deconsolidation of Julius Baer Brazil (AuM SFr8 billion) in March 2025. Monthly average AuM increased by 7 per cent year-on-year to SFr491 billion.

There was progress in addressing legacy issues and other pressure points, ranging from strengthening risk management and simplifying the organisation, to sharpening the operating model and footprint, the firm continued.

“It is encouraging to see the positive momentum with net new money more than doubling year-on-year and underlying net profit increasing double digit due to our continued focus on clients and risk management,” Stefan Bollinger (pictured), chief executive officer of Julius Baer, said.

In June, Julius Baer said it had placed €500 million ($585.8 million) of five-year senior unsecured notes via a Netherlands-based entity. The issuance allows it to “further diversify its funding strategy in international debt markets.” 

In February 2024, Julius Baer announced a hit to its full-year 2023 financial results from credit losses of SFr606 million. The losses stem from loans to a European conglomerate, as previously disclosed.