Swiss private bank Pictet has just released unaudited financial results for the first half of 2024.

Assets under management at Geneva-headquartered Pictet climbed by 10 per cent in the first half of 2024, compared with the same time in the previous year, reaching SFr694 billion ($818 billion).

The private bank’s operating income fell by 3 per cent in the first six months of 2024 compared with the same period in 2023, standing at SFr1.570 billion. Total operating expenses before tax were up 3 per cent, reaching SFr1.175 billion, and net profit was SFr320 million, the firm said in statement.

Pictet said its total equity and total capital ratio remained strong. In the first half of 2024, total equity stood at SFr3.8 billion. The total capital ratio was 28.2 per cent, above the minimum of 12 per cent required by the Swiss Financial Market Supervisory Authority (FINMA).

“We are satisfied with our results as we saw a robust increase in assets under management due to good investment performance, favourable market conditions and new money inflows,” Marc Pictet, senior managing partner at Pictet, said.  

“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,” he added.

The private bank did not disclose further details.

Pictet, which has a global presence, offers wealth management, asset management, alternative investments, and related asset services.