Pictet Group's net profit has fallen in the first half of 2023 at CHF 366m (£327.3m), down from CHF 380m as of the end of June 2022.
In its H1 2023 results published today (31 August), the company reported assets under management or custody grew in the first six months of the year to CHF 638bn from CHF 612bn at the end of December 2022.
Net new money also saw a significant increase to CHF 15bn, up from CHF 4bn at the end of last year.
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Operating income was up 3% from H1 2022 (CHF1.6bn), alongside a 3% increase in total operating expenses before tax (CHF 1.1bn) and an operating result of CHF 475m, representing a 2% rise.
The company, however, noted its total capital ratio remained strong over the first half of 2023, at 29.3% as of the end of June, above the 12% minimum required by FINMA, based on CHF 3.5bn of total regulatory capital.
Renaud de Planta, senior managing partner at Pictet Group, said: "Our stability and long-term investment focus led to significant inflows in the first half of the year. We continued to hire for excellence and invest in technology to honour our commitment to enduring quality."
