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The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

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Julius Baer reported a sharp decline in profit due to a one-off hit related to the sale of its Brazilian subsidiary and higher loan provisions.

The Zurich-based lender’s first-half net profit was 295 million Swiss francs ($369.6 million) compared with 452 million francs in the same period the previous year. This reflects a previously disclosed increase in loan loss allowances and one-off noncash impact from the completion of the Julius Baer Brazil sale.

Julius Baer’s Net Profit Falls on Higher Loan Provisions, Brazil Unit Sale

The bank warned in May market uncertainty would also lead to softer profits

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