ZURICH (Reuters – Julius Baer Monday stated that the bank’s profitability rose significantly in 10 months, thanks to buoyant markets. Also new inflows of money into Switzerland’s third largest listed bank were a contributing factor in increasing assets under management by 484 billion Swiss francs ($520.93 million).

The bank released a statement saying that Julius Baer’s profit rose substantially in the first 10 months of 2021, due to strong client asset growth and significant improvements in cost efficiency. This was accompanied by almost no credit losses.

The bank reported that assets under management rose by 12.4% in the current year, driven by an increase of 4.4% in net money and positive stock markets performance.

In July, the Zurich-based wealth management firm posted an increase of 23.4% in its half-year net profits to record 606.0 millions Swiss francs. This was due in part to the rise in stock markets and active client trade that has benefited asset and wealth managers ever since the start of the COVID-19 pandemic.

For the period of 10 months, it does not give profit numbers.

Julius Baer stated that the slower client activity relative the first quarter 2021 was continuing from the second quarter to the third quarter, and even into October.

It said that initial results from November indicate potential recovery in the last two months of this year.

($1 = 0.9291 Swiss francs)