In the first half of 2024, the Pictet Group achieved an operating income of 1.57 billion Swiss francs, representing a 3 percent decrease compared to the same period last year, according to figures released on Friday. Total operating expenses before taxes amounted to 1.175 billion francs, an increase of 3 percent. Net profit was 320 million francs, and as of June 30, 2024, assets under management reached  694 billion francs, reflecting a 10 percent increase compared to the end of 2023.

Strong Capital Ratio

The group's equity stands at  3.8 billion francs, with a total capital ratio of 28.2 percent, significantly above the minimum requirement of 12 percent set by Finma.

The privat bank provided no further details.

«We are pleased with our results, as we achieved a robust increase in assets under management (AuM) due to strong investment performance, favorable market conditions, and new inflows of funds. At the same time, we experienced a significant decline in interest income as clients allocated a larger portion of their cash into income-generating investments», said Marc Pictet, Senior Managing Partner.