Julius Baer reports surge in new money as cost cuts begin to pay off

The company's logo is seen at the headquarters of Swiss private bank Julius Baer in Zurich, Switzerland June 22 2020. REUTERS/ARND WIEGMANNJulius Baer on Monday reported a better-than-expected increase in new money and improving profitability in the third quarter, as markets recovered and cost cuts began to pay off.

Analysts at Morgan Stanley said Julius Baer’s new money probably grew at about 7% in the quarter, representing a “considerable pickup in inflows, illustrating the resilience of Baer’s model, even during times of market volatility”. The profit margin, new money and cost control were all better than expected, analysts at Citigroup said separately.

Julius Baer said it will propose distributing the second part of its 2019 dividend on November 6 at a special meeting, marking a return to payouts after a de facto ban across Europe. Swiss banks decided to split their 2019 dividends in two after regulators encouraged them to preserve capital to confront the economic fallout from the virus. Several banks across Europe have said they will review their policies towards payments around the end of this year.

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