Swiss private bank Pictet has posted a consolidated net profit of CHF572m for the year ended 31 December 2017 – a year-on-year increase of 36%.
The bank’s annual operating income stood at CHF2.52bn, up 16% compared to figures reported a year ago.
Assets under management or custody totalled a record high of CHF509bn at the end of December 2017, an increase of CHF47bn from last year. Net new money in asset and wealth management totalled CHF14.1bn in 2017.
As at 31 December 2017, the group’s core tier 1 capital ratio and liquidity coverage ratio was 20.2% and 144%, respectively.
Pictet senior managing partner, Nicolas Pictet, said: “2017 has been an outstanding year for Pictet. Sound portfolio management performance and steady growth in new client assets have benefited all business lines. Our diversification across wealth and asset management reinforces the group’s stability and therefore our financial strength.”