Zurich, February 2 (Reuters) – Julius Baer (BAER.S) The Swiss financial institution stated it had met all its monetary targets to shut out the 2020-22 enterprise cycle, leading to a 12% decline in web revenue in 2022 in a troublesome market surroundings.

Internet earnings fell from CHF 1.08 billion to CHF 950 million ($1.05 billion). Banks competing with UBS (UBSG.S) and Credit score Suisse (CSGN.S) In UHNWI funding administration, property beneath administration fell 12% as world inventory and bond markets corrected.

The decline in property beneath administration was considerably offset by a major acceleration of latest cash flowing into banks in direction of the top of 2022.

“We shut out the 2020-2022 strategic cycle with our second greatest end result thus far,” CEO Philipp Rickenbacher stated in a press release.

“…this has created a powerful foothold that has already begun work in direction of the subsequent three-year cycle.”

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The financial institution additionally stated it has nominated Jürg Hunziker to its board of administrators.

($1 = 0.9071 Swiss Francs)

Reported by Noele Illien, edited by Rachel Extra and John Stonestreet

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