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Julius Baer: posts record profit on strong client activity

( - Julius Baer reported record profit for the first half, powered by higher brokerage commissions following a sharp rise in transaction volumes.

The Swiss private bank said its adjusted net profit increased by 34% to 524 million Swiss francs in the first six months of 2020, the highest in the history of the Zurich-based group.

Julius Baer said performance was driven by the changing market environment due to Covid-19, including much greater market volatility, which drove a strong increase in client activity in FX, derivatives and precious metal trading, as well as higher income from structured products.

"The outstanding results in the first half of 2020 demonstrate the strength and resilience of our pure wealth management model," said CEO Philipp Rickenbacher.

Julius Baer said it attracted net new money of 5 billion Swiss francs in the first half, with particularly strong net positive contributions from clients domiciled in Europe (Germany, UK and Ireland, Luxembourg).

However, its share was down 3.5% on the SIX Swiss Exchange after these results.

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