30 August 2017

Consolidated net profit of CHF 247 million

The Pictet Group today released unaudited figures for the first half of 2017, showing operating income of CHF 1,179 million, operating results of CHF 319 million and a consolidated net profit of CHF 247 million.

These figures are respectively 14%, 31% and 29% higher compared to the same period in 2016.

Assets under management or custody amounted to CHF 479 billion at 30 June 2017, against CHF 462 billion at 31 December 2016, with healthy net inflows for both wealth and asset management.

The core tier 1 capital ratio has risen to 21.0% (with CHF 2.5 billion of Common Equity Tier 1 (CET1), the strongest form of equity).

The Basel III regulations stipulate a minimum core tier 1 capital ratio of 4.5%. Pictet’s Swiss regulator FINMA requires a minimum core tier 1 capital ratio of 7.8%.

Nicolas Pictet, senior managing partner, 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.“

Financial Report for the half-year ended 30 June 2017