Julius Baer net new money beats expectations, but de-risking clouds outlook

Swiss private bank Julius Baer reported first-half 2026 net profit of 673 million francs, up 128% year-on-year, with annualised net new money growth of 2.2% beating expectations. Despite the results, shares fell more than 4% as the bank warned that de-risking of high-risk clients and sensitive industries would likely continue into 2027, and it declined to give a timeline for resuming buybacks pending a Swiss regulator review.