Swiss private bank Pictet Group has reported a net profit of CHF321.3m for the first half of 2018, an increase of 30% compared to CHF246.53m a year earlier.
The bank’s operating income for the half year ended 30 June 2018 stood at CHF1.34bn, up 14% from CHF1.18bn last year.
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Operating result was CHF417.97m, a 31% jump from CHFF318.99m in the previous year.
Assets under management or custody totalled CHF512bn at the end of June 2018, versus CHF509bn as at 31 December 2017.
Inflow of funds more than offset hits from negative market and currency effects, the bank said in its earnings statement.
The bank’s cost/income ratio was 69% at the end of June 2018, compared to 73% last year. Its Basel III CET1 solvency ratio as at 30 June 2018 stood at 21.8%.
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By GlobalDataPictet senior managing partner Nicolas Pictet 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.”
