Swiss private bank Pictet Group has reported a net profit of CHF191m for the first half of 2016, down 15.5% compared to CHF226m a year ago.
Operating income during the period was CHF1.03bn, a fall of 1.3% from CHF1.04bn in the corresponding period of 2015.
Assets under management or custody stood at CHF436bn at 30 June 2016, compared to CHF437bn at 31 December 2015, as net inflows were offset by foreign exchange and market effects.
Cost/income ratio at the company in the first half was 76%, compared to 73% in the first half of 2015.
The company’s basel III total solvency ratio increased to 22.3% in the first half of 2016 from 22.1% at the end of December 2015.
Pictet senior managing partner Nicolas Pictet said: “The Pictet Group’s partnership structure, its strong balance sheet and capital ratios allow us to concentrate on creating value for the long term. We have therefore continued investing in the first half of 2016 in our staff and infrastructure despite weak markets, low trading volumes and negative interest rates, all of which adversely affected profitability.”