Advertisement ::

Enlarge Cartoon

Zurich, Switzerland (GenevaLunch) – Bank Julius Baer has announced a fall of 37 percent in consolidated net profit to CHF 324 million in the first six months of 2009, compared to the same period a year earlier.

Assets under management are down 25 percent, the bank notes, year on year, affecting profits significantly. The bank remains relatively optimistic, noting that consolidated assets under management since end-December 2008 are up 9 percent to CHF299 billion and that net outflows have slowed to CHF0.5b.

In other banking news, Germany’s Commerzbank has sold Zurich-based Dresdner bank to LGT, whose chief executive Prince Max von und zu Liechtenstein says the acquisition, to be completed by the middle of 2010, will double the bank’s asset base in Switzerland, giving it client assets worth CHF20 billion to manage.