5 September 2018
The Pictet Group released unaudited figures for the first half of 2018, showing operating income of CHF 1,347.5 million, operating results of CHF 418.0 million and a consolidated net profit of CHF 321.3 million.
These figures are respectively 14%, 31% and 30% higher compared to the same period in 2017.
Assets under management or custody amounted to CHF 512 billion at 30 June 2018, against CHF509 billion at 31 December 2017, with net inflows more than offsetting slight negative market and currency effects combined.
The core tier 1 capital ratio has risen to 21.8% (with CHF 2.6 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 2018, compared to the first half of last year. These results reflect new client acquisitions, strong client investment interest in certain equity and absolute return strategies, and increased take-up of our advisory offering. In a less than certain market climate, we have continued to invest in staff, to reinforce our asset class expertise, including in real estate investment, and to strengthen our digital infrastructure.”