Julius Baer sees H1 profits increase

22 July 2013

Julius Baer has said its adjusted net profit stood at 261 million Swiss francs ($277 million) in the first half of 2013, which is more than was anticipated.

Reuters reports net profit for the first six months dropped to 152.1 million francs when acquisition and other costs were removed. This was down from the 212.8 million francs a year ago.

Julius Baer said it would spend more than initially budgeted to integrate Bank of America Merrill Lynch's overseas private bank, which it acquired last year.

The Swiss bank is one of several under investigation by authorities in the US who are clamping down on tax evasion. The government in Switzerland has brought in measures to allow its institutions to cooperate with the officials.

Boris Collardi, chief executive at Julius Baer, told CNBC the company will make a provision for any possible settlements with the US authorities as soon as it knows more about how it is being investigated.

By Claire Archer

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