Swiss private bank J. Safra Sarasin Group has reported a net profit of CHF315.3m for the year ended December 2017, a surge of 25% compared to CHF252.1m in the previous year.

Operating income stood at CHF1.18bn, up 13% from CHF1.04bn a year ago. Operating expenses increased 3% year-on-year to CHF650.79m.

The bank’s cost income ratio improved to 54.8% in 2017 from 60% last year. Its common equity Tier 1 ratio stood at 28.8% at the end of December 2017, versus 28.1% in 2016.

The bank’s assets under management totalled CHF170bn as at 31 December 2017, a 14% rise from CHF148.5bn in 2016.

J. Safra Holdings International chairman and J. Safra Sarasin Group vice chairman Jacob Safra said: “The outstanding results of 2017 are a testament to the strategy, management principles, quality of our staff and the performance culture we have instilled in the Group. We are proud to be one of the best capitalized banks in Switzerland with Group shareholders’ equity of CHF4.8bn and a CET1 ratio of 28.8%.

“We are a leading consolidator in the private banking market, thanks to our flexibility, liquidity and capital strength. We will continue to evaluate opportunities globally which fit with our client focus and culture.”

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By GlobalData