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Julius Baer posts 50% FY profit rise

ZURICH, Feb 1 (Reuters) - Julius Baer on Monday posted a 50% rise in 2020 net profit, as booming markets and strong client trading more than offset a goodwill blow from ailing Italian subsidiary Kairos.

Net profit attributable to rose to 698 million Swiss francs ($783 million) for the year.

Switzerland’s third-largest listed bank said it would propose a dividend of 1.75 francs per share, as compared to the 1.50 francs it paid out in two tranches for 2019 due to the coronavirus pandemic, and also expected to launch a 450 million franc share buyback from March.

$1 = 0.8918 Swiss francs Reporting by Brenna Hughes Neghaiwi; editing by Thomas Seythal

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