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August 31, 2017

Pictet net profit surges 29% in H1

Swiss private bank Pictet Group has reported a net profit of CHF247m ($256.5m) for the first half of 2017, a jump of 29% over CHF191m ($198.4m) reported a year ago.

Operating income was CHF1.18bn, an increase of 14% compared to CHF1.03bn in the first half of 2016.

Assets under management or custody totalled CHF479bn as at 30 June 2017, versus CHF462bn at the end of 2016. Both wealth as well as asset management businesses recorded “healthy net inflows”, the company said in its earnings statement.

The company’s cost/income ratio at the end of June 2017 was 73% as against 76% in the year ago period half.

The company’s Basel III total solvency ratio was 21% at the end of first half, compared to 20.4% as at 31 December 2016.

Pictet senior managing partner Nicolas Pictet said: “All business categories have seen an encouraging growth in revenues and profits during the first half of 2017, compared to the first half of last year. Our improved results reflect new client acquisitions as well as strong markets.

“In a climate of low returns on financial assets, pressure on fees and a demanding regulatory environment, we have continued to invest in staff and recruitment as well as digital infrastructure.”

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