Swiss private bank Pictet has reported a 9% fall in consolidated net profit to CHF539m ($553m) in 2019.

The decrease is said to be driven by the addition of a net 374 employees last year and investment in infrastructure.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Pictet 2019 Highlights

The private bank’s operating income in 2019 dipped 2% year-on-year to CHF2.63bn.

Its core tier 1 capital ratio at the end of December 2019 stood at 7.8%. This was way above the minimum regulatory requirement of 20.5%.

The liquidity coverage ratio of 156% also exceeded the minimum regulatory requirement of 100%.

Assets under management or custody as of 31 December 2019 were CHF576bn, a 16% increase from the previous year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank attributed the growth to net inflows of CHF25bn in asset management, wealth management and asset services as well as favourable market conditions.

Ending exposure to fossil fuel

Meanwhile, the bank said that it will scrap exposure to fossil fuel from its balance sheet.

This would include fossil fuel production and extraction, covering oil, gas and thermal coal.

The move would eliminate CHF250m from Pictet’s balance sheet by the end of this year.

Pictet senior managing partner Renaud de Planta said: “We believe that, irrespective of collective public sector action on moving to a carbon-neutral economy, companies in the private sector should also advance this objective independently.

“As we have full control of our balance sheet, this is one undertaking that we can make now.”