JULIUSBAER — Julius Baer H1 profit doubles to SFr673M in turnaround sign; shares fall

Swiss wealth manager Julius Baer reported a 128% year-on-year jump in first-half net profit to SFr673 million ($830 million), recovering from a large loan writedown in the prior year. The bank also beat estimates with net new money of SFr5.7 billion, indicating its turnaround plan is gaining traction. Despite the strong results, shares closed 4% lower amid concerns over interest income and the lack of an update on an ongoing regulatory probe.