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Julius Baer boosts profit by 27% to CHF404 million

Swiss private bank Julius Baer increased its assets under management by 5% to CHF320 billion in the first half of 2006. Net new money development was positive in both private banking (CHF1 billion) and asset management (CHF14 billion).

On a comparable basis, the Swiss firm said operating income rose year-on-year by 24% to CHF1,394 million. Operating expenses were up by 15% to CHF853 million reflecting various growth initiatives, in particular in Asia. Net profit compared to the first half of 2005 was up by 27% to CHF404 million.

As well as the rapid integration and strengthening of the business in its established core markets, the accelerated move into international growth areas has produced promising successes.

We can look back on an encouraging first reporting period of the new Julius Baer Group. The development of assets under management as well as profitability show that we are correctly positioned and that our growth initiatives are progressing according to plan, comments CEO Johannes de Gier.