July 23, 2018 / 5:21 AM / 3 months ago

Julius Baer reports 19 percent rise in first half profit

ZURICH, July 23 (Reuters) - Julius Baer highlighted increasingly cautious market conditions amid rising trade tensions on Monday as the Swiss private bank reported a 19 percent rise in adjusted net profit for the first half of 2018.

“Markets had a strong and upbeat start to the year but ended the first half on a more cautious note, pondering the potential impacts of trade tensions and of an impending end to quantitative easing,” Chief Executive Bernhard Hodler said in a statement.

Baer, Switzerland’s third-largest listed bank, brought in 10 billion Swiss francs ($10.09 billion) in net new money in the first six months of 2018, a growth rate of 5 percent, within its 4-6 percent medium-term target range. ($1 = 0.9908 Swiss francs) (Reporting by John Revill Editing by Shri Navaratnam)

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