Half Year 2019 Julius Baer Gruppe AG Earnings Call Transcript
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Good morning, everybody, and welcome to the half year results and the business update. Thank you for coming, and thank you for being on the phone. As you know, this is the last set of results I'm presenting as the CEO of Julius Baer, and I'm therefore, particularly pleased to close my tenure with a strong set of numbers.
We saw a significant rebound in profitability since the beginning of the year fueled by higher revenues at the CHF 391 million. Adjusted net profit was below the record results we reported a year ago but 18% higher than in the second half of 2018. We took full advantage of higher levels of client activity and asset valuations. The gross margin rose to over 83 basis points from the lows in the second half of 2018 driven by stronger net fee and commission income. While not yet benefiting from the cost reduction program initiated earlier this year, the cost/income ratio and the pretax margin improved significantly from the second half of 2018, trending towards
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