Swiss private bank J. Safra Sarasin Group has reported an increase in net profit and assets under management (AuM) in 2020 despite the impact of ongoing Covid-19 pandemic.
The company’s net profit in 2020 stood at CHF400.3m, an increase of 5.3% from CHF380.2m reported a year ago.
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The AuM grew to CHF192.4bn driving on CHF7.2bn in net new inflows.
The private bank’s operating profit also jumped 17.2% from CHF466m in 2019 to CHF546.3m in 2020.
Additionally, J. Safra Sarasin Group’s balance sheet stood at CHF38bn at the end of 2020 with substantial liquid assets of CHF8.7bn.
The group tier 1 capital increased to CHF5.4bn from CHF5bn, while the CET1 ratio was 36.7% at the end of December 2020.
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By GlobalDataSafra Sarasin Group chairman Jacob J. Safra said: “We are proud of how we performed as a Group in 2020, and especially how we managed the Covid-19 crisis and its challenges. We clearly demonstrated the Group’s resilience, founded on the strong culture and values built over 180 years – an anniversary we celebrate this year in 2021.
“Our business continues to generate steady revenues with sector-leading efficiency. With our financial strength and clear brand positioning, we continue to be a proactive consolidator in the private banking industry.”
Bank J. Safra Sarasin chairman of the board Jürg Haller said: “During 2020 we successfully advised and enabled our clients in many instances to manage risks and benefit from different trends and opportunities.”
In January, Safra Sarasin Group signed deal to acquire the private banking business of Bank of Montreal (BMO) in Hong Kong and Singapore.
