Pictet Group has reported operating income CHF3.191bn ($3.44bn) for the year 2022, a decline of 2% compared to the previous year.

As on 31 December 2022, the group’s operating result rose 1% to CHF930m from CHF924m.

The Swiss wealth and asset manager’s consolidated net profit stood at CHF768m for the period under review.

Adjusting for extraordinary income, primarily because of the sale and lease back of the group’s Geneva-based head-office in 2021, the net profit declined by 1%.  

Pictet’s assets under management or custody totalled CHF612bn, with CHF4bn of net new money during the year.

The liquidity coverage ratio was 176% as against 100% required under Basel III.

The group reported CHF3.39bn of regulatory capital, with total capital ratio standing at 27.4%, which is way above the 12% requirement as fixed by Swiss regulator FINMA.

In addition, the group announced that its managing partner Bertrand Demole will step down from his role on 30 June this year.

Demole will continue to serve the firm as a non-executive vice chairman on the board of Pictet Alternative Advisors.

Renaud de Planta, Senior Managing Partner of the Pictet Group, said: “Pictet achieved solid results in 2022 in an overall difficult year for financial markets.

“Rising interest rates, increased client activity in the last quarter of the year and our growing alternative investment business contributed positively.

“We continue to benefit from our focus on investing and providing exceptional service to clients.”