Julius Bär Gruppe : 2023 Half-year Report



HALF-YEAR

REPORT 2023

Julius Baer Group



Julius Baer Half-Year Report 2023

Contents

4

Consolidated income statement

5

Consolidated statement of comprehensive income

6

Consolidated balance sheet

8

Consolidated statement of changes in equity

10

Consolidated statement of cash flows

13

Notes to the consolidated financial statements

31

Capital ratios

32

Abbreviations used in the Group's financial statements

This Half-Year Report appears only in English.

3

Julius Baer Half-Year Report 2023

Consolidated income statement

	Note	H1 2023	H1 2022	H2 2022
	CHF m	CHF m	CHF m
Interest income on financial instruments		1,217.4	442.2	806.1
measured at amortised cost or FVOCI
Interest expense on financial instruments		753.0	100.5	324.9
measured at amortised cost
Net interest income	1	464.4	341.7	481.2
Commission and fee income		1,071.4	1,162.8	1,022.9
Commission expense		108.6	117.9	105.7
Net commission and fee income	2	962.7	1,044.9	917.1
Net income from financial instruments		596.5	474.2	577.0
measured at FVTPL
Net credit losses/(recoveries) on financial assets		-1.8	7.4	8.6
Other ordinary results		3.8	11.5	21.6
Operating income		2,029.1	1,865.0	1,988.3
Personnel expenses	3	881.7	842.0	843.5
General expenses	4	398.0	390.6	384.4
Depreciation of property and equipment		49.7	45.2	48.5
Amortisation and impairment of customer relationships		8.0	24.1	37.8
Amortisation and impairment of intangible assets		58.4	49.7	104.3
Operating expenses		1,395.8	1,351.7	1,418.6
Profit before taxes		633.4	513.3	569.7
Income taxes		102.0	63.0	71.0
Net profit		531.4	450.3	498.8
Attributable to:		531.8
Shareholders of Julius Baer Group Ltd.		450.6	499.0
Non-controlling interests		-0.4	-0.3	-0.2
		531.4	450.3	498.8
		H1 2023	H1 2022	H2 2022
Share information		CHF	CHF	CHF
Basic earnings per share (EPS)		2.58	2.15	2.41
Diluted earnings per share (EPS)		2.58	2.15	2.41
Weighted average number of shares outstanding		205,880,235	209,853,862	206,795,392

4

Julius Baer Half-Year Report 2023

Consolidated statement of comprehensive income

	H1 2023	H1 2022	H2 2022
	CHF m	CHF m	CHF m
Net profit recognised in the income statement	531.4	450.3	498.8
Other comprehensive income (net of taxes):
Items that may be reclassified to the income statement
Net unrealised gains/(losses) on debt instruments	54.0	-437.3	-153.5
measured at FVOCI
Net realised (gains)/losses on debt instruments	-0.1	-1.2	-0.0
measured at FVOCI reclassified to the income statement
Effective portion of changes in fair value of	5.6	-36.0	-9.8
hedging instruments designated as cash flow hedges
Cost of hedging related to cash flow hedges	-1.3	-2.2	3.8
Translation differences	-25.7	-1.0	-62.3
Realised (gains)/losses on translation differences	-1.0	0.2	-
reclassified to the income statement
Items that will not be reclassified to the income statement
Net unrealised gains/(losses) on equity instruments	53.7	9.4	-11.1
measured at FVOCI
Net realised (gains)/losses on equity instruments	-108.8	-	-
measured at FVOCI reclassified to retained earnings
Gains/(losses) from own credit risk on	-3.4	4.5	-3.7
financial liabilities designated at fair value
Remeasurement of defined benefit obligation	-17.2	-1.9	-2.6
Other comprehensive income	-44.1	-465.5	-239.2
Total comprehensive income	487.3	-15.2	259.6
Attributable to:	487.7
Shareholders of Julius Baer Group Ltd.	-14.9	259.8
Non-controlling interests	-0.4	-0.3	-0.2
	487.3	-15.2	259.6

5