The Swiss private banking group said that among other details, assets under management or custody rose, aided by inflows.

Pictet, the Geneva-headquartered group operating in multiple jurisdictions, yesterday reported first-half 2023 operating income of SFr1.621 billion ($1.84 billion), rising 3 per cent on a year earlier.

Total operating costs before tax were SFr1.146 billion, rising 3 per cent, it said in a statement. 

Net profit was SFr366 million and assets under management or custody stood at SFr638 billion on 30 June, rising from SFr612 billion at the end of 2022. Net new money amounted to more than SFr15 billion. The net "operating result" was SFr475 million, a rise of 2 per cent. 

The group's total capital ratio was 29.3 per cent, above the minimum of 12 per cent required by Swiss regulator FINMA – based on SFr3.56 billion of total regulatory capital.

The venerable private bank, dating its origins back to 1805, began issuing financial results about a decade ago after shedding its old unlimited liability ownership structure. The same move was made by Lombard Odier and Mirabaud.

Earlier this year, Pictet appointed one of its senior figures, Raymond Sagayam, as the 47th managing partner in the 218-year history of the firm.