Swiss private bank Pictet has reported a strong performance in 2020, with rise in profit and assets under management or custody growing to an all-time high supported by strong inflows across all its business units.

Key metrics

The bank’s consolidated net profit for the full year ended 31 December 2020 stood at CHF577m ($647.1m), which is 7% higher than the previous year.

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Operating income increased 10% year-on-year to CHF2.88bn.

Net new money of CHF24bn took its assets to CHF609bn at the end of last year. The figure is a 6% rise from CHF576bn a year ago.

At the end of December 2020, the bank’s CET1 ratio, a key measure of strength, was 20.2%.

Its liquidity coverage ratio was 182% at the end of the period.

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These ratios exceed the ones set by Swiss watchdog Finma (7.8% for CET1 ratio and 100% for liquidity coverage ratio).

Last year, Pictet has set up offices in Monaco, Shanghai, and New York. The New York outpost is the firm’s first US office.

Meanwhile, its wholly foreign-owned enterprise (WFOE) in Shanghai will allow the firm to raise funds from mainland investors into its offshore strategies under China’s qualified domestic limited partners (QDLP) scheme.

The firm recently appointed Sharon Chou as the new chief for its Singapore-based private banking unit, Bank Pictet & Cie (Asia).

Pictet Group senior managing partner Renaud de Planta said: “We have also continued to invest in talent and technology throughout the Group and significantly expanded our headcount.

“The strong inflows of new client assets are due in no small part to the excellent investment performance across our business units.”