EQS-Adhoc: Interim Management Statement for the first ten months of 2021*Source: EQS
EQS Group-Ad-hoc: Julius Baer Group Ltd. / Key word(s): Interim Report
Ad hoc announcement pursuant to Art. 53 LR
Sustained improvement in gross margin contribution from recurring fee income - Seasonal slowdown in client activity - Solid net inflows - Capital position remains strong - Return on capital continues to be among highest in sector
Strong growth in assets under management
Assets under management (AuM) rose to
Solid gross margin development
The gross margin for the first ten months of 2021 was slightly above 82 basis points (bp). The decline from the 88 bp reported for the full year 2020 reflects a softening in client activity from the exceptionally high levels witnessed last year. While the gross margin contribution from net interest income was slightly lower compared to full year 2020, the contribution from recurring fee income improved.
The slowdown in client activity relative to the strong first quarter of 2021 continued from the second to the third quarter and well into October. Initial results for November, however, indicate a potential recovery for the final two months of the year. As a result, in the July to October period, the gross margin contribution from brokerage commissions and from net income from financial instruments decreased compared to the level seen in the first half of 2021. The recurring fee income contribution to the gross margin was stable between these two periods, as was the contribution from net interest income. Credit quality remained high and there were no net credit impairment losses in the July-
Further improvement in cost efficiency
The year-to-date expense development benefitted from the effects of the measures taken under the
Strong capital position
Despite the substantially increased share buy-backs and the higher dividend accrual to reflect the significant growth in profitability, the Group's BIS CET1 capital ratio rose to 16.7% at the end of
Even with these high levels of capitalisation, the adjusted return on CET1 capital remained significantly ahead of the 2022 target of >30% and among the highest in the sector.
*) Based on unaudited management accounts. This media release contains certain financial measures that are not defined or specified by IFRS, the definitions of which are provided in the Alternative Performance Measures document available at www.juliusbaer.com/APM.
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Cautionary statement regarding forward-looking statements
This media release by Julius Baer Group Ltd. ('the Company') includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations and projections about the Company's future results of operations, financial condition, liquidity, performance, prospects, strategies, opportunities and the industries in which it operates. Forward-looking statements involve all matters that are not historical facts. The Company has tried to identify those forward-looking statements by using the words 'may', 'will', 'would', 'should', 'expect', 'intend', 'estimate', 'anticipate', 'project', 'believe', 'seek', 'plan', 'predict', 'continue' and similar expressions. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.
These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic conditions in
End of ad hoc announcement
|Company:||Julius Baer Group Ltd.|
|Phone:||+41 58 888 11 11|
|EQS News ID:||1250834|
|End of Announcement|