Julius Baer Group: Presentation of the 2009 full-year results
(Thomson Reuters ONE) - Julius Baer Group Ltd. / Julius Baer Group: Presentation of the 2009 full-year results processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. Zurich, 5 February 2010Presentation of the 2009 full-year results for the Julius Baer GroupNet profit increased by 7% to CHF 473 million - Assets under management ofprivate clients up by 19% to CHF 154 billion - Net new money CHF 5 billion or4% - BIS tier 1 ratio at 24.2%*· Operating income declined by 5%, driven by 3% lower average assetsunder management and gross margins contracting slightly to 111 basis points.Operating expenses were reduced by a further 8%, resulting in the adjusted netprofit increasing by 7% to CHF 473 million.· Total client assets increased by 25% to CHF 241 billion. Assets undermanagement of private clients grew by 19% to CHF 154 billion, on the back ofrecovering markets and net inflows. Assets under custody rose by 37% to CHF 87billion.· Net new money inflows from private clients were CHF 5 billion or 4%.Overall continued healthy inflows - especially from emerging markets and inparticular Asia - were partly offset by outflows due to the Italian tax amnestyand the phased exit from the US business.· The Julius Baer Group continues to enjoy a very strong capital base asexpressed by its BIS tier 1 ratio of 24.2% at year-end and is well positioned tobe a driving force in the industry consolidation.· Based on this result and in adhering to the payout policy of theformer Julius Baer Holding Ltd., the Board of Directors will propose to theOrdinary Annual General Meeting on 8 April 2010 a dividend of CHF 0.40 perregistered share.With the separation of the private banking and asset management businesses ofthe former Julius Baer Holding Ltd., 2009 was a transformational year for JuliusBaer. Thus by refocusing on its core strengths - providing private banking andinvestment advisory services for private clients, family offices and externalasset managers based on a truly open product platform - Julius Baer wasestablished as the leading Swiss private banking group. This move, inanticipation of some of the regulatory trends currently being discussedpublicly, was very well received by the Group's clients. It reinforces JuliusBaer's commitment to private banking excellence in keeping with its rich Swissheritage dating back to 1890.Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group Ltd., said: "Iam very pleased with our Group's performance in a year of significant strategicrepositioning and given the demanding financial markets. Thanks to Julius Baer'svery sound financial base, clear strategic direction and comprehensive footprintin Switzerland and abroad, we are well positioned to cope with what we perceiveis a fundamentally changing business environment facing our industry. Ourpriorities therefore remain unchanged: to capture further growth and tocapitalise on potential market opportunities."Total client assets amounted to CHF 241 billion at the end of 2009. Assets undermanagement increased by 19% to CHF 154 billion compared with the CHF 129 billionat the end of 2008. This increase was the result of a positive marketperformance impact of CHF 20 billion driven by positive returns for most assetclasses during 2009, net new money of CHF 5 billion, the acquisition of AlphaSIM in Milan, which added CHF 0.6 billion, and a minor negative currency impactof CHF 0.7 billion. Net new money development, within the targeted 4-6% range,was the result of continued strong inflows from emerging markets and inparticular Asia, being partly offset by outflows due to the Italian tax amnestyand the announced phased exit from the US business. Of total assets that weredeclared by clients taking advantage of the Italian tax amnesty, some 60%remained with Julius Baer. The reported assets under management do not includethe CHF 14 billion year-end assets under management resulting from theacquisition of ING Bank (Switzerland) Ltd, which closed in January 2010. Assetsunder custody ended the year at CHF 87 billion after CHF 64 billion at the endof 2008, an increase of 37%, reflecting positive market performance as well asCHF 13 billion in net new custody assets.Operating income declined by 5% to CHF 1,586 million, driven by 3% lower averageassets under management and a slightly lower gross margin of 111 basis points.Net fee and commission income declined by 15% to CHF 819 million on the back ofdecreased average asset levels, a lower level of actively managed assets, and achanged asset mix based on private clients' more conservative investment stance.Net interest income rose by 3% to CHF 467 million, the result of higher averagedeposit levels, decreased average lending to private clients, and net interestmargins which were relatively high in the first half of 2009 but, as expected,contracted in the second half of the year to more normal levels. While averagelending to private clients decreased year on year, the second half of 2009 saw aturnaround in loan volumes compared with the first half. Net trading incomedeclined by 13% to CHF 299 million as the decrease in client-driven foreignexchange trading volumes was only partly offset by an increase in client-drivenfixed income trading. Other ordinary results, in 2008 negatively impacted bymarket-related position squaring in the investment portfolio, turned positiveagain.Operating expenses were managed down a further 8% to CHF 1,026 million.Notwithstanding the continued investments in growth, in particular through thefurther expansion of the base of relationship managers by net 48 to 667, theincrease in the overall number of employees remained limited to 1%, taking thetotal staff level to 3,078. Despite this increase, personnel expenses werereduced by 8% to CHF 683 million, mainly on the back of loweredperformance-related compensation and a decrease in share-based payments. Generalexpenses, including valuation adjustments, provisions and losses, were down by13% at CHF 296 million. As a consequence, the cost/income ratio for 2009improved from 65.3% to 63.1%.Accordingly, profit before taxes increased by 3% to CHF 560 million,representing a pre-tax margin of 39 basis points. Income taxes declined toCHF 87 million, representing an effective tax rate of 16%, which compares to18% in 2008. As a result, the adjusted net profit improved by 7% to CHF 473million, and earnings per share came to CHF 2.29.BIS tier 1 ratio at 24.2% - Balance sheet remains solidTotal assets were unchanged at CHF 42.7 billion. Client deposits went up byCHF 1.7 billion to CHF 27.3 billion, and lombard lending and mortgages increasedby CHF 0.6 billion to CHF 10.4 billion, thus resulting in a continuedconservative loan-to-deposit ratio of 0.38, underlining the sound liquiditysituation of the Group. Total equity was up by 20% to CHF 4.2 billion, and BIStier 1 capital grew to CHF 2.7 billion. With a strong BIS tier 1 ratio of 24.2%the Julius Baer Group continues to enjoy a very solid capital base and is wellpositioned to be a driving force in the industry consolidation.Proposed dividendBased on the pleasing result and in adhering to the payout policy of the formerJulius Baer Holding Ltd., the Board of Directors will propose to the OrdinaryAnnual General Meeting on 8 April 2010 a dividend of CHF 0.40 per registeredshare.* Financial figures representing Julius Baer Group Ltd. as if it had alreadyexisted on 1 January 2008. Excluding integration and restructuring expenses andthe amortisation of intangible assets in relation to the 2005 UBS transaction,as well as mainly one-off charges related to the separation and the INGtransaction in 2009. Including these positions, the net profit attributable toshareholders was CHF 389 million in 2009, after CHF 357 million in 2008, anincrease of 9%. These results do not include the acquisition of ING Bank(Switzerland) Ltd, which closed after the 2009 year-end.The results conference will be webcast at 9:30 a.m. (CET). All documents(presentation, Business Review 2009, 2009 IFRS Annual Report and press release)will be available as of 7:15 a.m. (CET) at www.juliusbaer.com.Contacts: Media Relations: Tel. +41 58 888 8888, Investor Relations: Tel. +4158 888 5256Important dates8 April 2010: Ordinary Annual General Meeting, Zurich12 April 2010: Ex-dividend date15 April 2010: Record date16 April 2010: Payment date11 May 2010: Interim Management Statement21 July 2010: Release of 2010 first half-year results, ZurichAbout Julius BaerThe Julius Baer Group is the leading Swiss private banking group, with anexclusive focus on servicing and advising private clients. Julius Baer's totalclient assets amounted to CHF 241 billion at the end of 2009, with assets undermanagement accounting for CHF 154 billion. Bank Julius Baer & Co. Ltd., therenowned Swiss private bank with origins dating bank to 1890, is the principaloperating company of Julius Baer Group Ltd., whose shares are listed on the SIXSwiss Exchange (ticker symbol: BAER) and form part of the Swiss Market Index(SMI) of the 20 largest and most liquid Swiss stocks.Julius Baer employs a staff of over 3 000 in more than 20 countries and some 40locations, including Zurich (head office), Buenos Aires, Dubai, Frankfurt,Geneva, Hong Kong, London, Lugano, Milan, Moscow and Singapore.For more information visit our website at www.juliusbaer.com
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 05.02.2010 - 01:01 Uhr
Sprache: Deutsch
News-ID 1010018
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Zurich
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 60 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Julius Baer Group: Presentation of the 2009 full-year results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Julius Baer Group Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
