2 September 2019
The Pictet Group released unaudited figures for the first half of 2019, showing operating income of CHF 1,282 million (down 5% on the first half of 2018), total expenses of CHF 943 million (up 1%) and a consolidated net profit of CHF 265 million (down 17%).
Assets under management or custody amounted to CHF 544 billion at 30 June 2019, against CHF 496 billion at 31 December 2018.
The core tier 1 capital ratio has risen to 21.2% (with CHF 3.0 billion in Common Equity Tier 1 (CET1) on the balance-sheet, the strongest form of equity).
The Basel III regulations stipulate a minimum core tier 1 capital ratio of 4.5%. The Pictet Group’s Swiss regulator FINMA requires a minimum core tier 1 capital ratio of 7.8%.
Renaud de Planta, Senior Partner, said: “Negative interest rates and a defensive stance on the part of investors had an impact on results in the first half of the year. Nevertheless, we have continued to invest strongly in our people and technology during 2019.”