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August 31, 2015updated 04 Apr 2017 1:36pm

Pictet H1 profit up 11%

Swiss private bank Pictet has posted a consolidated net profit of CHF226m for the first half of 2015, an increase of 11% compared to CHF202m in the year ago period.

By Verdict Staff

Swiss private bank Pictet has posted a consolidated net profit of CHF226m for the first half of 2015, an increase of 11% compared to CHF202m in the year ago period.

For the first half ended 30 June 2015, the group’s operating income stood at CHF1.05bn, up 7% from CHF975m in the first half of 2014.

The group recorded an operating result of CHF285m, an increase of 15% compared to CHF247m in the year ago period.

Assets under management or custody dropped to CHF420bn at 30 June 2015 from CHF435bn at 31 December 2014, as healthy net inflows were offset by foreign exchange and market effects.

The group’s core tier 1 capital ratio was 25.1% based on CHF2.6bn of Common Equity Tier 1 (CET1).

Pictet senior managing partner Jacques de Saussure said: "Despite the appreciation of the Swiss franc in the first half of 2015, all business categories contributed to the growth of revenues and profits during this period compared to the first-half of 2014."

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