The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022.
REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Nov 20 (Reuters) - Julius Baer (BAER.S) on Monday dampened profit expectations after it booked valuation adjustments of 82 million Swiss francs ($92.6 million).
The Swiss bank said that of the 82 million francs in valuation adjustments, 70 million francs were booked against the group's credit portfolio after Oct. 31, 2023.
Analysts at Zuercher Kantonalbank had expected 15 billion francs, with Baer having already reported inflows of 7 billion francs for the first half of 2023.
Assets under management rose 3% to 435 billion francs during the period, driven mainly by inflows and the strength of the global equity market.
Persons:
Julius Baer, Arnd, Baer, Rene Benko, Andreas Venditti, Zuercher Kantonalbank, Noele, Miranda Murray, Christopher Cushing, David Goodman
Organizations:
REUTERS, Rights, Signa, Reuters, Analysts, Thomson
Locations:
Zurich, Switzerland, Swiss, Zuercher