The Pictet Group reported on 30 August operating income of CHF1.570bn, down 3% compared with the first half of 2023, and total operating expenses before tax up 3% to CHF 1.175bn in unaudited figures for the first half of 2024.
Net profit was CHF320m and assets under management or custody stood at CHF694bn, up 10% on 30 June 2024, compared to 31 December 2023.
As of 30 June 2024, total equity stood at CHF 3.8bn and the total capital ratio was 28.2%, "well above the minimum of 12% required by FINMA".
Marc Pictet, senior managing partner, said: “We are satisfied with our results as we saw a robust increase in assets under management (AuM) due to good investment performance, favourable market conditions and new money inflows.
"At the same time, we experienced significantly lower interest income as clients invested a higher portion of their cash positions in revenue generating assets. Operating expenses grew as we continued to invest in our Private Assets and Asia businesses as well as technology and infrastructure.”
