Private bank Julius Baer, Switzerland’s third largest listed lender, posted a 4 percent rise in full-year reported net profit and announced the launch of 100 million franc cost reduction program.

For the full year, net profit under IFRS accounting standards rose to 735 million Swiss francs ($737.36 million). Analysts polled by Reuters on average had expected 772 million Swiss francs in full-year net earnings.

The Zurich-based bank for wealthy and affluent clients brought in 17 billion francs in net new money in 2018, a growth rate of 4.5 percent at the lower end of its 4-6 percent medium-term target range.

The bank on Monday kept that target, but lowered its cost-income and pre-tax margin goals.

“The Group will lower expenses by 100 million francs by further enhancing market focus and related prioritization of resource allocation; leveraging automation and digitalization; and applying stricter performance management,” Baer said in a statement.

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