J. Safra Sarasin Group, a Swiss private bank, has registered a rise in net profit and assets under management (AuM) in 2019.
The firm’s net profit in 2019 stood at CHF380.2m, an increase of around 10% from CHF347.3m in the prior year.
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Supported by CHF5.6bn in net inflows, AuM climbed 13% to CHF185.8bn from CHF164.6bn.
The firm’s balance sheet was said to be strong at CHF36.6bn, including CHF8bn in liquid assets.
“Strength of balance sheet enabled significant increase in goodwill amortisation and release of general banking risk reserves,” J. Safra Sarasin stated.
The group tier 1 capital increased to CHF5bn from CHF4.7bn.
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By GlobalDataThe firm’s CET1 ratio, a key measure of strength, was 31.3% at the end of December 2019. The ratio exceeded regulatory requirements, noted the firm.
The cost-income ratio at the end of 2019 was 59.6%.
J. Safra Sarasin Group vice chairman Jacob Safra: “We are pleased to report robust results again for 2019, which demonstrate the key principles that assure the Group’s stable performance year after year: client focus and internal discipline.
“2019 has seen the issues of environment and sustainability dominate the headlines.”
The year 2019 remained busy for the firm. In September 2019, the firm launched a new office in Amsterdam.
Earlier last year, the firm purchased the Gibraltar private banking unit of Lombard Odier.
The firm also made several leadership changes last year. These include the appointments of Daniel Belfer as its new CEO and Jürg Haller as its new chairman.
Additionally, the firm recently appointed Andy Chai as its new Asia CEO.
