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Julius Baer says 2016 adjst. net profit 706 mln Sfr; dividend 1.20 Sfr

A sign sits on a wall outside the offices of Julius Baer Group Ltd. in Geneva, Switzerland.
Valentin Flauraud | Bloomberg | Getty Images

Swiss private bank Julius Baer Wednesday posted 2016 adjusted net profit of 705.5 million Swiss francs ($712.2 million), ahead of the average estimate for 679 million in a Reuters poll.

Net profit under IFRS accounting standards was 619 million francs, up 411 percent on 2015 when the bank's bottom line was hit by provisions for penalties in a U.S. probe into tax evasion by American clients.

Baer, Switzerland's third-largest listed bank, brought in 12 billion francs in net new money in 2016, a growth rate of 4 percent and at the bottom end of its 4-6 percent medium-term target range. The bank said it would propose a dividend of 1.20 francs per share, compared to 1.10 francs last year.

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