ZURICH (Reuters) – Swiss private bank Julius Baer on Monday reported an 18% rise in net profit for the first half of 2023, as it also increased its assets under management and attracted more money from wealthy clients.

The Zurich-based wealth manager said net profit attributable to shareholders rose to 531 million Swiss francs ($613.23 million) from 451 million Swiss francs a year earlier.

On an adjusted basis, net profit for the group of 541 million francs missed expectations for an adjusted net profit of 557 million francs after taking into account operating expenses related to acquisitions or divestitures in a poll of six analysts compiled by news wire AWP.

During the six months to the end of June, Julius Baer’s assets under management rose to 441 billion francs, the bank said, as it attracted 7.1 billion francs in new money from wealthy clients.

The figure was slightly higher than the 6.8 billion francs estimated by analysts, who expected Julius Baer to get a boost from wealthy people seeking new homes for their money.

The results marked a sharp uptick from May, when Julius Baer reported modest inflows of 3.5 billion Swiss francs for the first four months of the year, disappointing investors who had expected the bank to benefit from Credit Suisse’s troubles.

Deutsche Bank (ETR: ) research analyst Benjamin Goey said the collapse of Credit Suisse has the potential to be a major accelerator for Julius Baer over the next two to three years.

“We expect hiring of relationship managers to increase, driving net new money inflows above the historical average since 2H23,” they wrote in a note.

($1 = 0.8659 Swiss Franc)