Interim Management Statement for the first four months of 2024*
Source: EQS
Julius Baer Group Ltd. / Key word(s): Interim Report Ad hoc announcement pursuant to Art. 53 LR Substantial increase in assets under management – Marked recovery in client activity – Significant improvement in profitability – Ongoing solid capital position. AuM grew by 10% to CHF 471 billion In the first four months of 2024, AuM rose to After a negative start in January, net new money** recovered meaningfully to a 3% annualised pace over the subsequent three months, resulting in total net inflows of AuM included Gross margin close to 89 basis points Driven mainly by a clear recovery in the activity-driven revenue components, the gross margin for the first four months of 2024 rose to close to 89 basis points (bp), a significant improvement from the 82 bp underlying*** gross margin in H2 2023. This increase was driven by higher gross margin contributions from net income from financial instruments measured at FVTPL**** (including a small improvement in treasury swap income) as well as from net commission and fee income (including an improvement in the recurring fee margin), partly offset by a lower gross margin contribution from net interest income. There were no net credit losses in the first four months of 2024. Cost/income ratio just over 69%, pre-tax margin 27 bp Despite further investments in growth, including the onboarding of an additional 35 (net) new relationship managers, the strong increase in AuM and the improving gross margin drove the adjusted cost/income ratio down to just over 69%, an improvement from the 73% underlying cost/income ratio in H2 2023. For the same reasons, the adjusted pre-tax margin increased to 27 bp, up from 22 bp (underlying) in H2 2023. Strongly capitalised The Group’s CET1 capital ratio strengthened to 15.3% (end 2023: 14.6%) and the total capital ratio rose to 24.9% (end 2023: 24.0%). The effect of improved profitability was reinforced by the further benefit of the ‘pull-to-par’ reversal of the decline (back in 2022) in the value of bonds held in the Group’s treasury portfolio (financial assets measured at FVOCI*****), as well as a reduction by At these levels, the Group’s CET1 and total capital ratios remain well above the Group’s own floors of 11% and 15% respectively, and significantly in excess of the regulatory requirements of 8.3% and 12.5% respectively. The Group’s tier 1 leverage ratio stood at 4.9% (end 2023: 4.9%), substantially above the regulatory requirement of 3.0%. * 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.
** Net new money does not include interest and dividend income, in accordance with the Guidelines of FINMA governing financial statement reporting. For a full definition please refer to the Alternative Performance Measures document.
*** Underlying: Excluding in H2 2023 the **** Fair value through profit or loss ***** Fair value through other comprehensive income Contacts Media Relations, tel. +41 (0) 58 888 8888 Investor Relations, tel. +41 (0) 58 888 5256
Important dates About For more information, visit our website at www.juliusbaer.com 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 Inside Information |
Language: | English |
Company: | Julius Baer Group Ltd. |
Bahnhofstrasse 36 | |
8010 |
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Phone: | +41 58 888 11 11 |
E-mail: | info@juliusbaer.com |
Internet: | www.juliusbaer.com |
ISIN: | CH0102484968 |
Listed: | |
EQS News ID: | 1909231 |
End of Announcement |
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1909231 23-May-