EQS Group-Ad-hoc: Julius Baer Group Ltd. / Key word(s): Half Year Results 
Record-high net profit on the back of strong growth in assets under management and significant improvement in cost 
efficiency 
21-Jul-2021 / 07:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
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Ad hoc announcement pursuant to Art. 53 LR 
Presentation of the 2021 half-year results for the Julius Baer Group 
  . IFRS net profit attributable to shareholders of Julius Baer Group Ltd. up 23% to CHF 606 million and IFRS earnings 
    per share (EPS) up 23% to CHF 2.81. 
  . Net profit adjusted for M&A-related items up 21% to CHF 636 million and adjusted EPS attributable to shareholders 
    of Julius Baer Group Ltd. up 21% to CHF 2.95. 
  . Gross margin 87 basis points (bp) (H1 2020: 92 bp), adjusted cost/income ratio 61.2% (H1 2020: 66.6%), and adjusted 
    pre-tax margin 32 bp (H1 2020: 31 bp). 
  . Assets under management (AuM) CHF 486 billion, up 12% from end of 2020, supported by positive market performance, a 
    weaker Swiss franc, and net new money of CHF 10 billion (4.6% annualised). 
  . BIS CET1 capital ratio 16.7% and BIS total capital ratio 22.8%, well above minimum regulatory requirements and 
    Group's own floors. Adjusted return on CET1 capital 38% (H1 2020: 36%). 
Zurich, 21 July 2021 - Philipp Rickenbacher, Chief Executive Officer of Julius Baer Group Ltd., said: 'The achievements 
of the first half of 2021 demonstrate how Julius Baer creates value: we have successfully shifted our focus to 
sustainable profit growth and continuously strengthened the attractiveness of our value proposition for existing and 
new clients alike. The quality of our business model is supported by the passionate dedication of our staff, and by 
efficient and scalable operations. Following a record-high net profit in the first half of the year, we are entering 
the second half from a position of strength: fully focused on delivering on our strategy and prepared to capitalise on 
our position as employer of choice and to capture growth opportunities in our core markets as they arise.' 
Alternative performance measures and reconciliations 
This media release and other communications to investors contain certain financial measures of historical and future 
performance and financial position that are not defined or specified by IFRS. Management believes that these 
alternative performance measures (APM), including adjusting the results consistently for items related to acquisitions 
or divestments (M&A) and the taxes on those respective items, provide useful information regarding the Group's 
financial and operating performance. These APM should be regarded as complementary information to, and not as a 
substitute for, the IFRS performance measures. The definitions of APM used in this media release and other 
communications to investors, together with reconciliations to the most directly reconcilable IFRS line items, are 
provided in the Alternative Performance Measures document available at www.juliusbaer.com/APM. 
AuM at new record high, supported by markets, currencies and increased net inflows 
Assets under management grew by CHF 52 billion to a new record high of CHF 486 billion, an increase of 12% since the 
end of 2020, on the back of positive market performance, a weaker Swiss franc (particularly against the US dollar) and 
continued positive net new money inflows. 
Net new money doubled to CHF 10 billion (annualised net new money growth rate 4.6%), with particularly strong 
contributions from clients domiciled in Asia and Western Europe, as well as solid growth in the Middle East. 
Including assets under custody of CHF 79 billion (+10%), total client assets grew to CHF 565 billion, an increase of 
12% from year-end 2020. 
Record high commission and fee income helps drive significant growth in operating income 
Operating income grew by 8% to CHF 1,993 million, reflecting the combined benefit of strongly increased net commission 
and fee income and the virtual disappearance of net credit losses. These positive developments were partly offset by a 
decrease in net interest income, following the year-on-year decline in US interest rates, as well as by somewhat lower 
net income from financial instruments measured at FVTPL* as market volatility eased from the extraordinarily high 
levels seen in the first half of 2020. As monthly average AuM increased by 14% year on year, the gross margin declined 
to 87 bp (H1 2020: 92 bp). 
Net commission and fee income rose by 12% to CHF 1,155 million. This increase was driven mainly by a 19% improvement in 
advisory and management fees on the back of the growth in client assets and higher-value mandate penetration. Brokerage 
commissions went up by 7% following continued healthy client transaction activity, particularly in the first quarter of 
2021. 
Net income from financial instruments measured at FVTPL declined by 2% to CHF 503 million. While overall trading 
volumes remained elevated in a longer-term historical context (particularly in the first quarter of 2021), client 
activity in FX and precious metals trading subsided as volatility moderated in the second quarter of 2021. 
Net interest income fell by 8% to CHF 308 million. Interest income on loans declined by 22% to CHF 290 million as the 
benefit of a year-on-year increase in average loan balances was more than offset by the sharp decrease in US interest 
rates. Lower US rates also negatively impacted interest income on debt instruments at FVOCI**, which fell by 24% to 
CHF 57 million. On the plus side, lower rates led to a decline in interest expense on amounts due to customers, which 
fell by 93% to CHF 4 million, despite a year-on-year rise in client deposits. 
Other ordinary results rose by 58% to CHF 28 million. 
Operating income was marginally affected by the CHF 1 million of credit provisions booked under net credit losses on 
financial assets, a significant improvement from the CHF 49 million recorded in the first half of 2020. 
Limited increase in operating expenses, reflecting results of cost-reduction programme 
Operating expenses according to IFRS rose by 1% to CHF 1,286 million. Personnel expenses decreased by 1% to CHF 849 
million, general expenses went up by 4% to CHF 318 million, depreciation of property and equipment declined by 1% to 
CHF 49 million, amortisation and impairment of intangible assets increased by 17% to CHF 41 million, and amortisation 
of customer relationships diminished by 1% to CHF 29 million. 
As in previous years, in the analysis and discussion of the results in the media release and the Business Review, 
adjusted operating expenses exclude M&A-related expenses. Acquisition-related amortisation of intangible assets 
amounted to CHF 29 million (H1 2020: CHF 29 million), while other M&A-related expenses amounted to CHF 6 million (H1 
2020: CHF 10 million). The reconciliations to the respective IFRS line items are provided in the Alternative 
Performance Measures document available at www.juliusbaer.com/APM. 
Adjusted operating expenses rose by 1% to CHF 1,251 million. Excluding provisions and losses, adjusted operating 
expenses fell by 1% to CHF 1,220 million. 
Adjusted personnel expenses declined by CHF 1 million to CHF 849 million, supported by the 1% year-on-year decline in 
the monthly average number of employees as well as a decrease in the severance costs related to the restructuring 
programme initiated in 2020 to CHF 14 million (H1 2020: CHF 19 million). Performance-based accruals increased following 
the strong increase in operating income and profit. At the end of June 2021, the Group employed 6,667 full-time 
equivalents (FTEs), down 63 from a year ago, but up 60 in the year to date owing largely to the further internalisation 
of formerly external employees as part of the efficiency improvement programme. Staff numbers do not yet fully reflect 
the year-to-date reduction of positions as part of the restructuring steps taken so far in 2021. Total staff included 
1,341 relationship managers, down 115 from a year ago and down 35 in the year to date. 
Adjusted general expenses went up by 4% to CHF 312 million, impacted by a CHF 29 million increase in provisions and 
losses (to CHF 31 million). Excluding provisions and losses, adjusted general expenses fell by 6% to CHF 281 million, 
partly reflecting the impact of the cost-reduction programme. 
While depreciation of property and equipment declined by 1% to CHF 49 million, adjusted amortisation and impairment of 
intangible assets rose by 17% to CHF 41 million, the latter reflecting the rise in IT-related investments in recent 
years. 
The adjusted cost/income ratio (which excludes adjusted provisions and losses) improved to 61.2% (H1 2020: 66.6%). The 
adjusted expense margin (also excluding adjusted provisions and losses) improved to 53 bp (H1 2020: 61 bp). 
Record-high net profit 
IFRS profit before taxes rose by 22% to CHF 707 million. As IFRS income taxes increased by 17% to CHF 101 million, IFRS 
net profit as well as IFRS net profit attributable to shareholders of Julius Baer Group Ltd. climbed by 23% to CHF 606 
million, and EPS by 23% to CHF 2.81. 
Adjusted profit before taxes grew by 20% to CHF 742 million, and the adjusted pre-tax margin improved to 32 bp (H1 
2020: 31 bp). The related income taxes increased by 15% to CHF 106 million, representing a tax rate of 14.3% (H1 2020: 
14.9%). 
Adjusted net profit for the Group as well as adjusted net profit attributable to shareholders of Julius Baer Group Ltd. 
increased by 21% to CHF 636 million. Adjusted EPS attributable to shareholders improved by 21% to CHF 2.95. 
The IFRS net profit and adjusted net profit achieved in the first half of 2021 were the highest six-month profits in 
the history of Julius Baer Group Ltd. 
The adjusted return on CET1 capital (RoCET1) improved to 38% (H1 2020: 36%). 
Balance-sheet developments: Client releveraging drives increase in Lombard loans

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