Julius Baer reported first‑half net profit of SFr673 million for the six months ending June 2026, more than doubling the SFr295 million recorded in the same period a year earlier. The Swiss wealth manager credited the rise to strong inflows and a rebound from prior‑year losses tied to credit provisions and a Brazilian divestment.
Financial results show solid growth
IFRS operating income rose 26 percent to SFr2.27 billion, up from SFr1.81 billion a year earlier. Net interest income surged 80 percent to SFr130 million. By contrast, net credit losses on financial assets fell sharply, registering SFr23 million versus SFr130 million in the first half of 2025.
Operating expenses increased modestly, up 2 percent to SFr1.46 billion from SFr1.44 billion. The group said it is targeting gross efficiency gains of SFr130 million by 2028. Costs linked to the efficiency programme amounted to SFr7 million in the first half, while net savings from the plan were SFr11 million.
Assets and inflows drive the upside
Assets under management grew 5 percent year‑to‑date, reaching SFr547 billion. When assets under custody of SFr102 billion are added, total client assets total SFr649 billion. Net new money amounted to SFr5.7 billion, equivalent to a 2.2 percent annualised increase.
Inflows were recorded across all regions, with western Europe – including Switzerland – contributing especially strongly. Client releveraging, which had been paused during the first four months of 2026, resumed later in the period, adding to the overall flow of capital.
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The firm’s chief executive, Stefan Bollinger, said the results “represent a solid start to our new three‑year strategic cycle.” He added that the performance highlights “the strength of our business model and our team’s ability to support clients effectively through market complexity and volatility.”
Earlier this month, the company announced that Peter Burrill will replace Evie Kostakis as chief financial officer, pending regulatory clearance. Burrill is slated to assume the role on 17 August 2026.
The surge in profit and assets shows the resilience of private‑banking models that rely on diversified client bases and steady inflows, even when broader market conditions fluctuate. While the efficiency programme promises further cost reductions, the current figures already show that the firm can improve margins without drastic expense cuts.
Analysts note that the combination of higher interest income and lower credit losses is a favorable shift for the sector, suggesting that similar institutions may see comparable earnings improvements if they can sustain inflows and manage credit risk effectively.