Julius Bär Gruppe : Consolidated Financial Statements 2021 | PDF, 656 KB

Supporting material for the full-year results presentation of 2 February 2022.

CONSOLIDATED FINANCIAL STATEMENTS

JULIUS BAER GROUP 2021 (AUDITED)

1. CONSOLIDATED FINANCIAL STATEMENTS

1. Consolidated income statement
2. Consolidated statement of comprehensive income
3. Consolidated balance sheet

1. Consolidated statement of changes in equity

1. Consolidated statement of cash flows

10 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. COMMENT ON RISK MANAGEMENT

1. Risk management framework

1. Risk tolerance framework
2. Risk governance

1. Risk culture
2. Group risk landscape
3. Capital planning and liquidity contingency plan
4. Stress testing
5. Risk reporting
6. The three lines of defence
7. Credit risk

1. Market risk

1. Treasury risk

1. Non-financialrisk

41 COMMENT ON CAPITAL MANAGEMENT

1. Management of capital including regulatory capital

1. Leverage ratio

45 INFORMATION ON THE CONSOLIDATED INCOME STATEMENT

45 Net interest income

1. Net commission and fee income
2. Other ordinary results

1. Personnel expenses

1. General expenses
2. Income taxes

49 INFORMATION ON THE CONSOLIDATED BALANCE SHEET

49 Classification of financial assets and financial liabilities

51 Financial assets and financial liabilities measured at FVTPL

1. Financial assets measured at FVOCI
2. Property, equipment and leases

54 Goodwill and intangible assets

1. Financial liabilities designated at fair value
2. Debt issued

1. Deferred tax assets
2. Deferred tax liabilities
3. Provisions

1. Other assets

1. Other liabilities

1. Share capital
2. ADDITIONAL INFORMATION

1. Earnings per share and shares outstanding
2. Reporting by segment
3. Pension plans

1. Securities transactions
2. Derivative financial instruments

1. Financial instruments - Fair values

1. Financial instruments - Fair value determination

1. Financial instruments - Expected credit losses

1. Financial instruments - Credit risk analysis
2. Financial instruments - Collateral analysis
3. Financial instruments - Offsetting
4. Market risk measures

1. Interest rate risk measures
2. Hedge accounting

1. Interest rate benchmark reform

1. Liquidity analysis
2. Companies consolidated

1. Investments in associates

1. Unconsolidated structured entities
2. Acquisitions and disposals

1. Share-basedpayments and other compensation plans

1. Assets under management

1. Requirements of Swiss banking law

1. Events after the balance sheet date

FINANCIAL STATEMENTS JULIUS BAER GROUP 2021

Consolidated financial statements

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

		Note	2021	2020	Change
		CHF m	CHF m	%
Interest income on financial instruments		758.6	825.2	-8.1
measured at amortised cost or FVOCI
Interest expense on financial instruments		131.6	203.5	-35.3
measured at amortised cost
Net interest income	1	627.0	621.7	0.9
Commission and fee income		2,566.9	2,250.1	14.1
Commission expense		271.0	235.1	15.3
Net commission and fee income	2	2,295.9	2,015.0	13.9
Net income from financial instruments measured at FVTPL		884.3	943.5	-6.3
Net credit losses/(recoveries) on financial assets		1.8	35.5	-
Other ordinary results	3	52.4	38.4	36.4
Operating income		3,857.8	3,583.1	7.7
Personnel expenses	4	1,660.7	1,595.5	4.1
General expenses	5	682.6	710.7	-4.0
Depreciation of property and equipment	10	95.7	100.5	-4.8
Amortisation and impairment of customer relationships	11	57.9	70.1	-17.3
Amortisation and impairment of intangible assets	11	102.2	260.4	-60.8
Operating expenses		2,599.1	2,737.2	-5.0
Profit before taxes		1,258.7	845.9	48.8
Income taxes	6	176.1	147.3	19.5
Net profit		1,082.7	698.6	55.0
Attributable to:		1,082.0
Shareholders of Julius Baer Group Ltd.		698.0	55.0
Non-controlling interests		0.7	0.6	-
			1,082.7	698.6	55.0
		Note	2021	2020	Change
Share information	CHF	CHF	%
Basic earnings per share (EPS)	19	5.06	3.25	55.8
Diluted earnings per share (EPS)	19	5.06	3.23	56.4

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FINANCIAL STATEMENTS JULIUS BAER GROUP 2021

Consolidated financial statements

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	2021	2020
	CHF m	CHF m
Net profit recognised in the income statement	1,082.7	698.6
Other comprehensive income (net of taxes):
Items that may be reclassified to the income statement
Net unrealised gains/(losses) on debt instruments measured at FVOCI	-101.5	105.7
Net realised (gains)/losses on debt instruments	-9.8	-15.0
measured at FVOCI reclassified to the income statement
Effective portion of changes in fair value of	-8.7	-
hedging instruments designated as cash flow hedges
Translation differences	-7.8	-165.6
Realised (gains)/losses on translation differences reclassified to the income statement	-1.4	2.5
Items that will not be reclassified to the income statement
Net unrealised gains/(losses) on equity instruments designated at FVOCI	32.1	-11.6
Gains/(losses) from own credit risk on financial liabilities designated at fair value	3.1	-3.9
Remeasurement of defined benefit obligation	56.8	21.0
Other comprehensive income	-37.1	-66.8
Total comprehensive income	1,045.6	631.8
Attributable to:	1,044.8
Shareholders of Julius Baer Group Ltd.	631.2
Non-controlling interests	0.7	0.6
	1,045.6	631.8

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FINANCIAL STATEMENTS JULIUS BAER GROUP 2021

Consolidated financial statements

CONSOLIDATED BALANCE SHEET

	Note	31.12.2021	31.12.2020
Assets	CHF m	CHF m
Cash		19,851.2	14,544.4
Due from banks		4,598.4	7,349.9
Loans	26	50,417.1	47,207.6
Financial assets measured at FVTPL	8/25	14,589.1	13,429.8
Derivative financial instruments	24	2,086.6	2,562.3
Financial assets designated at fair value	25	322.9	269.6
Financial assets measured at FVOCI	9/26	13,360.6	13,796.4
Investments in associates	29	28.9	21.2
Property and equipment	10	514.6	580.5
Goodwill and other intangible assets	11	2,660.7	2,637.4
Accrued income and prepaid expenses		418.9	363.7
Deferred tax assets	15	28.3	20.1
Other assets	17	7,428.5	6,354.1
Total assets		116,305.8	109,137.0

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FINANCIAL STATEMENTS JULIUS BAER GROUP 2021

Consolidated financial statements

	Note	31.12.2021	31.12.2020
Liabilities and equity	CHF m	CHF m
Due to banks		4,217.2	5,087.9
Due to customers		83,201.2	77,784.5
Financial liabilities measured at FVTPL	8/25	749.5	896.5
Derivative financial instruments	24	2,547.1	2,554.6
Financial liabilities designated at fair value	13	14,459.0	13,154.8
Debt issued	14	2,644.3	1,478.2
Accrued expenses and deferred income		768.9	688.0
Current tax liabilities		291.6	209.8
Deferred tax liabilities	15	84.5	74.5
Provisions	16	96.8	115.9
Other liabilities	17	502.3	658.1
Total liabilities		109,562.5	102,702.8
Share capital	18	4.4	4.5
Retained earnings		7,615.8	6,931.9
Other components of equity		-200.0	-106.1
Treasury shares		-685.8	-404.7
Equity attributable to shareholders of Julius Baer Group Ltd.		6,734.4	6,425.6
Non-controlling interests		9.0	8.6
Total equity		6,743.3	6,434.1
Total liabilities and equity		116,305.8	109,137.0

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