# Julius Baer 2022 profits fall as it hits business cycle targets
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-02-02
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Julius Baer net profit falls 12% in 2022, hits financial
Meta Description: Join us as we cover Julius Baer's financial report for 2022, revealing a 12% decline in net profit amid market challenges. Find out more now!
URL: https://financedigest.com/julius-baer-2022-profits-fall-as-it-hits-business-cycle-targetshtml

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ZURICH (Reuters) – Julius Baer on Thursday said net profit fell 12% in 2022 in a tough market environment, as the Swiss bank said it closed its 2020-22 business cycle by hitting all its financial targets.

Net profit dropped to 950 million Swiss francs ($1.05 billion) from 1.08 billion francs. The bank, which competes with UBS and Credit Suisse in managing the investments of the ultra-wealthy, saw assets under management fall by 12% as global stock and bond markets underwent corrections.

It said the decline in managed assets was somewhat compensated for by a significant acceleration in new [money flowing into the bank](https://www.financedigest.com/marketmind-banks-are-leaking-money.html "Marketmind: Banks are leaking money") towards the end of 2022. Net new money totalled 9 billion [Swiss francs](https://www.financedigest.com/swiss-franc-grapples-with-safe-haven-identity-crisis-after-credit-suisse.html "Swiss franc grapples with safe-haven identity crisis after Credit Suisse") over the year.

We are closing the 2020–2022 strategic cycle with the second-best result ever,” [Chief Executive](https://www.financedigest.com/exotix-draws-sberbanks-us-chief-executive-in-triple-hire-to-extend-global-capabilities.html "Exotix Draws Sberbank’s US Chief Executive in Triple Hire to Extend Global Capabilities") Philipp Rickenbacher said in a statement.

“…This [puts us on a strong footing](https://www.financedigest.com/putting-your-right-foot-forward-the-secret-of-successful-retail-bank-footprints-is-in-the-data.html "Putting your right foot forward – the secret of successful retail bank footprints is in the data") from which we have already started the work for the upcoming three-year cycle.

The bank also said it had nominated Juerg Hunziker for election to its [board of directors](https://www.financedigest.com/impact-com-announces-appointment-of-ning-wang-to-board-of-directors.html "impact.com Announces Appointment of Ning Wang to Board of Directors").

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($1 = 0.9071 Swiss francs)

(Reporting by Noele Illien, editing by Rachel More and John Stonestreet)


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