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FINANCIALS: Julius Baer (BAERVX Baa1/ ) - FY24 results

FINANCIALS
BulletCredit BulletsCEEMEASwitzerland

While the equity is lower this morning - following a very sharp run up in January - the core of these results should be positive for spreads. Good growth in AUM, core earnings growth, the private loan book wind down going well and increased CET1.

  • Fee & commission income was up 1.7% on H1 and 15% Vs H2 2024 as a results of strong AUM growth.
  • Net income from financial instruments was stable, which forms the bulk of other income. NII was -29.6% lower than H1, down CHF -66m to CHF 157mn. While the sharp drop in NII is disappointing, overall OpInc was still higher YoY based on growth on core earnings.
  • CET1 increased from 14.6% in 2023 to 17.8%.  On a Basel III final basis CET1 is now 14.2% and above managements buyback threshold. Leverage was unchanged.
  • The private debt loan book is down to CHF 0.4bn and is expected to be mostly gone by 2026.

 

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While the equity is lower this morning - following a very sharp run up in January - the core of these results should be positive for spreads. Good growth in AUM, core earnings growth, the private loan book wind down going well and increased CET1.

  • Fee & commission income was up 1.7% on H1 and 15% Vs H2 2024 as a results of strong AUM growth.
  • Net income from financial instruments was stable, which forms the bulk of other income. NII was -29.6% lower than H1, down CHF -66m to CHF 157mn. While the sharp drop in NII is disappointing, overall OpInc was still higher YoY based on growth on core earnings.
  • CET1 increased from 14.6% in 2023 to 17.8%.  On a Basel III final basis CET1 is now 14.2% and above managements buyback threshold. Leverage was unchanged.
  • The private debt loan book is down to CHF 0.4bn and is expected to be mostly gone by 2026.