Julius Baer Group Stock Earnings Reports

Julius Bär reported a strong 2025 with record assets under management of CHF 521 billion and solid net new money of CHF 14.4 billion despite deliberate derisking. On an underlying basis (excluding M&A impacts and significant credit-review related loan-loss effects), operating income rose ~6% while costs increased only ~1%, producing positive operating leverage and a 17% rise in underlying pretax profit. The underlying cost/income ratio improved ~300 basis points to 67.6%. Capital strength was materially rebuilt: CET1 rose to 17.4% (pro forma Basel III final fully implemented) with risk-weighted assets down ~10%. Management completed a comprehensive credit review, simplified governance and leadership, launched a new strategy focused on profitable growth, cost discipline, risk & compliance, technology scaling and culture change, and initiated a 3-year revenue & growth program. Guidance/targets reiterated: gradually lift net new money to ~4–5% p.a. by 2028, achieve cost/income below 67% by 2028 (with front‑loaded costs and back‑loaded benefits), and return on CET1 above 30% (with a 14% underpin). They propose a CHF 2.6 per share dividend; any buyback remains subject to FINMA timing and approvals. Hiring of relationship managers is accelerating (targeting 150+ gross RMs in 2026) to support growth, and a multi-year Swiss core IT renewal is underway (costs largely capitalized). Management expects near-term pressure on cost/income (due to front-loaded investments and cost-to-achieve) before clearer benefits materialize in 2027–28.