Pre-tax profits at Swiss private bank Julius Baer have decreased by 14 percent to CHF 1.08 billion in the full year 2022.

Net profits dropped 12 percent to CHF 949 million.

Julius Baer said that, despite the drop, this is the second highest net profit in the group’s history.

The Swiss bank achieved all its targets for the 2020 to 2022 cycle. This included: an adjusted cost/income ratio of less than 67 percent (65.9 percent in 2022); and an adjusted pre-...