Julius Baer Holding Monday said that first-half net profit nearly halved because the bank couldn't cut costs as sharply as revenue fell, and it said it was on track to separate its private bank from asset-management activities later this quarter.

The Zurich-based private bank for the wealthy said net profit for the six months ended June 30 was 218.6 million Swiss francs ($204.3 million), from CHF412 million a year earlier. The result topped analyst estimates, which averaged CHF211 million.