WASHINGTON (dpa-AFX) - Swiss banker Julius Baer Group Ltd. (JBARF.PK, JBAXY.PK) reported Monday significant growth in fiscal 2024 profit and Assets under management.
Further, the Board of Directors will propose an unchanged ordinary dividend of 2.60 Swiss francs per share for the financial year 2024, subject to shareholder approval at the Annual General Meeting on April 10. The dividend will be paid on April 16.
However, the Board of Directors has decided not to pursue the launch of a new share buy-back programme.
The company also announced its decision to extend the ongoing 2023-2025 cost programme, aiming to deliver a further 110 million francs gross general expense and personnel cost savings on a run-rate basis by the end of 2025.
Further, with immediate effect, the Executive Boards of Julius Baer Group and Bank Julius Baer & Co. Ltd. will both be substantially resized and consist five members.
Julius Baer plans to present a strategy update, including new medium-term targets, ahead of summer 2025.
In fiscal 2024, IFRS net profit attributable to shareholders climbed 125 percent to 1.022 billion francs from last year's 453.4 million francs. IFRS earnings per share were 4.98 francs.
Adjusted net profit attributable to shareholders was 1.047 billion francs, compared to 471.7 million francs a year ago.
IFRS profit before taxes increased 105 percent to 1.054 billion francs, and adjusted profit before taxes grew 102 percent to 1.078 billion from last year.
Excluding the large private debt credit loss from the 2023 results, adjusted attributable net profit grew 11 percent.
In 2024, operating income increased 19 percent to 3.861 billion francs from prior year's 3.240 billion francs.
Net commission and fee income grew 14 percent to 2.204 billion francs.
Assets under management or AuM was at 497.4 billion francs, up 16 percent from prior year's 427.4 billion francs, driven by net new money inflows, rising stock markets, and weaker Swiss franc.
Monthly average AuM rose 7 percent year on year to 467 billion francs.
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