Julius Baer has today 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 shareholders rose to 698 million Swiss francs ($783m) for the year.
Switzerland's third-largest listed bank said it would propose a dividend of 1.75 francs per share.
This compares to the 1.50 francs it paid out in two tranches for 2019 due to the coronavirus pandemic.
It said it also expected to launch a 450 million franc share buyback from March.
"We delivered on the first leg of the three-year transformation strategy presented in February 2020," the bank's chief executive Philipp Rickenbacher said.
"In light of current industry challenges, from negative interest rates to a weak US dollar, we will stay our course and remain fully focused on achieving the 2022 targets we set a year ago," he added.
Rickenbacher, appointed CEO in September 2019, has said he wants to focus Baer more on business with the ultra-wealthy while continuing to trim costs.
That strategy helped the Zurich-based wealth manager achieve an adjusted cost-income ratio of 66.4% in 2020, ahead of its mid-term target of reaching 67% by 2022.
Wealth managers saw a boon from the coronavirus pandemic in 2020, as they benefitted from bumper client activity levels and amassed fewer risks of loan losses than their high street peers.
Baer saw 15.1 billion franc inflows for 2020, as fresh client money and booming equity markets helped push the lender's managed assets up to 434 billion Swiss francs.
In October it had flagged a €177m fourth-quarter impairment related to its Italian asset management subsidiary Kairos, which has been dogged by poor performance and outflows since 2018.
A 73 million franc legal provision related to a US investigation into its dealings with global soccer body FIFA also impacted results.
