Swiss private bank Julius Baer reported an 18% increase in net profit for the first half of 2023, driven by increased assets under management and wealthy customer investment.

The adjusted net profit was 531 million Swiss francs ($613.23 million), below forecasts of 557 million.

Julius Baer attracted 7.1 billion francs from wealthy clients, increasing its assets under administration to 441 billion francs.

Analysts expect Julius Baer to benefit from wealthy people buying new properties.

Credit Suisse’s demise could accelerate Julius Baer over the next two to three years, with hiring of relationship managers expected to rise.