julius-baer-reports-a-profit-but-share-price-drops

Julius Baer reports a profit, but share price drops

The Swiss bank is still in the black, despite a 25% drop in profits for 2008 due to the global financial crisis.

 

Julius Baer, which has been building its private banking business in Asia over the past few years, got a black eye from the markets on Friday even though it announced a profit for 2008 - a rare report these days when banks' earnings statements are drenched in red.

Switzerland's third-largest bank said its 2008 net profit was down 25% to SFr852.3 million $733.5 million thanks to the impact of the global economic crisis on its asset management business.

We achieved a good result even in a difficult financial environment, said Dieter Enkelmann, the group CFO, at an earnings press conference that was also available via webcast.

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