Pictet earns significantly less in the first semester
Published: Friday, Aug 30th 2024, 09:40
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The Geneva-based banking group Pictet earned significantly less in the first half of 2024. Assets under management, on the other hand, increased significantly as at mid-year.
Operating income fell by 3 percent to 1.570 billion francs in the half-year under review, as the bank announced on Friday. As costs rose by 3 percent to 1.175 billion francs at the same time, net profit fell by 13 percent to 320 million francs.
According to the press release, income from the interest business fell significantly as clients invested a larger proportion of their liquid assets in assets managed by Pictet. Meanwhile, the increase in operating expenses was due to continued investment in technology and infrastructure as well as the expansion of the business with unlisted assets and in Asia.
Pictet is satisfied despite the decline in profits. The increase in assets under management by around 10 percent since the beginning of the year to CHF 694 billion, making the bank one of the largest asset managers in Switzerland, is mentioned in particular. The increase is mainly due to "good management performance, favorable market conditions and client inflows".
The capital base also remains "solid", according to the statement. Total capital amounted to CHF 3.8 billion as at mid-2024, while the total capital ratio of 28.2% was well above the threshold of 12% set by Finma.
Pictet is active in 30 countries and employs over 5500 people worldwide, including around 3000 in Switzerland.
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