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Julius Baer Group Ltd. / Key word(s): Interim Report
Interim Management Statement for the first four months of 2024*
23-May-2024 / 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.
Ad hoc announcement pursuant to Art. 53 LR
Substantial increase in assets under management - Marked recovery in client activity - Significant improvement in
profitability - Ongoing solid capital position.
Zurich, 23 May 2024 - In the first four months of 2024, Julius Baer's operating performance benefitted from substantial
growth in assets under management (AuM) as well as from a marked recovery in client activity from the multi-year low
levels experienced in the second half of 2023 (H2 2023). After a weaker start in January, net inflows improved
significantly in the following three months. The sizeable increase in client assets and improving gross margin drove
profitability up meaningfully compared to H2 2023, outpacing further growth investments. The Group's CET1 capital ratio
improved to 15.3% at the end of April 2024, underlining the strong capital-generating nature of the Group's business
model.
AuM grew by 10% to CHF 471 billion
In the first four months of 2024, AuM rose to CHF 471 billion, a year-to-date increase of 10%. The increase was driven
by a significant positive currency impact and by strong stock markets, only partly offset by a decline in bond market
valuations.
After a negative start in January, net new money^** recovered meaningfully to a 3% annualised pace over the subsequent
three months, resulting in total net inflows of CHF 1 billion by the end of April. While relationship managers who
joined Julius Baer in 2023 again contributed positively to net inflows, the overall result was impacted by ongoing
client deleveraging.
AuM included CHF 4.8 billion from Kairos, the sale of which was completed after 30 April 2024. Kairos was
deconsolidated as per 2 May 2024.
Gross margin close to 89 basis points
Driven mainly by a clear recovery in the activity-driven revenue components, the gross margin for the first four months
of 2024 rose to close to 89 basis points (bp), a significant improvement from the 82 bp underlying^*** gross margin in
H2 2023. This increase was driven by higher gross margin
contributions from net income from financial instruments measured at FVTPL^**** (including a small improvement in
treasury swap income) as well as from net commission and fee income (including an improvement in the recurring fee
margin), partly offset by a lower gross margin contribution from net interest income. There were no net credit losses
in the first four months of 2024.
Cost/income ratio just over 69%, pre-tax margin 27 bp
Despite further investments in growth, including the onboarding of an additional 35 (net) new relationship managers,
the strong increase in AuM and the improving gross margin drove the adjusted cost/income ratio down to just over 69%,
an improvement from the 73% underlying cost/income ratio in H2 2023. For the same reasons, the adjusted pre-tax margin
increased to 27 bp, up from 22 bp (underlying) in H2 2023.
Strongly capitalised
The Group's CET1 capital ratio strengthened to 15.3% (end 2023: 14.6%) and the total capital ratio rose to 24.9% (end
2023: 24.0%). The effect of improved profitability was reinforced by the further benefit of the 'pull-to-par' reversal
of the decline (back in 2022) in the value of bonds held in the Group's treasury portfolio (financial assets measured
at FVOCI^*****), as well as a reduction by CHF 0.1 billion in the private debt loan book to CHF 0.7 billion (at 100%
credit risk weighting).
At these levels, the Group's CET1 and total capital ratios remain well above the Group's own floors of 11% and 15%
respectively, and significantly in excess of the regulatory requirements of 8.3% and 12.5% respectively.
The Group's tier 1 leverage ratio stood at 4.9% (end 2023: 4.9%), substantially above the regulatory requirement of
3.0%.
^* Based on unaudited management accounts. This media release contains certain financial measures that are not defined
or specified by IFRS, the definitions of which are provided in the Alternative Performance Measures document available
at www.juliusbaer.com/APM.

^** Net new money does not include interest and dividend income, in accordance with the Guidelines of FINMA governing
financial statement reporting. For a full definition please refer to the Alternative Performance Measures document.
^*** Underlying: Excluding in H2 2023 the CHF 586 million increase in loan loss allowances against the single largest
exposure in private debt
^**** Fair value through profit or loss
^***** Fair value through other comprehensive income
Contacts
Media Relations, tel. +41 (0) 58 888 8888
Investor Relations, tel. +41 (0) 58 888 5256

Important dates
25 July 2024: Publication and presentation of 2024 half-year results, Zurich
21 November 2024: Publication of Interim Management Statement for first ten months of 2024
About Julius Baer
Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on
servicing and advising sophisticated private clients. At the end of April 2024, assets under management amounted to
CHF 471 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the
principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker
symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.
Julius Baer is present in 25 countries and 60 locations. Headquartered in Zurich, we have offices in key locations
including Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco,
Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv and Tokyo. Our client-centric approach, our
objective advice based on the Julius Baer open product platform, our solid financial base and our entrepreneurial
management culture make us the international reference in wealth management.
For more information, visit our website at www.juliusbaer.com
Cautionary statement regarding forward-looking statements
This media release by Julius Baer Group Ltd. ('the Company') includes forward-looking statements that reflect the
Company's intentions, beliefs or current expectations and projections about the Company's future results of operations,
financial condition, liquidity, performance, prospects, strategies, opportunities and the industries in which it
operates. Forward-looking statements involve all matters that are not historical facts. The Company has tried to
identify those forward-looking statements by using the words 'may', 'will', 'would', 'should', 'expect', 'intend',
'estimate', 'anticipate', 'project', 'believe', 'seek', 'plan', 'predict', 'continue' and similar expressions. Such
statements are made on the basis of assumptions and expectations which, although the Company believes them to be
reasonable at this time, may prove to be erroneous.
These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause
the Company's actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as
well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested
by, these forward-looking statements. Important factors that could cause those differences include, but are not limited
to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic
conditions in Switzerland, the European Union and elsewhere, and the Company's ability to respond to trends in the
financial services industry. Additional factors could cause actual results, performance or achievements to differ
materially. In view of these uncertainties, readers are cautioned not to place undue reliance on these forward-looking
statements. The Company and its subsidiaries, and their directors, officers, employees and advisors expressly disclaim
any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media
release and any change in the Company's expectations or any change in events, conditions or circumstances on which

these forward-looking statements are based, except as required by applicable law or regulation.  
End of Inside Information  
Language:     English 
Company:      Julius Baer Group Ltd. 

Bahnhofstrasse 36
8010 Zurich
Switzerland

Phone:        +41 58 888 11 11 
E-mail:       info@juliusbaer.com 
Internet:     www.juliusbaer.com 
ISIN:         CH0102484968 
Listed:       SIX Swiss Exchange 
EQS News ID:  1909231 

End of Announcement EQS News Service
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1909231 23-May-2024 CET/CEST

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May 23, 2024 01:00 ET (05:00 GMT)