Financial Results

Pictet Logs Strong 2020

Jackie Bennion, Deputy Editor, 11 February 2021

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The Swiss group's profits were up by 7 per cent for the year and assets in custody jumped to an all-time high.

In full-year results published on Wednesday, Pictet reported operating income up by 10 per cent for 2020 reaching SFr2.885 billion ($3.242 billion), and net profit up 7 per cent to SFr577 million ($648 million).

Assets under management or custody rose by 6 per cent for the year reaching an all-time high of SFr609 billion, up from SFr576 billion at the end of 2019.

The group said excellent investment performance and strong net new money inflows across all business units accounted for the strong showing. Net new money in 2020 totalled SFr24 billion.

Pictet’s common equity Tier 1 (CET1) ratio stood at 20.2 per cent, based on SFr2.59 billion of core capital (the most solid form of buffer), and it reported a liquidity coverage ratio of 182 per cent for 2020.

These figures fall well within Swiss regulator FINMA’s minimum 7.8 per cent Tier-1 threshold and the baseline of 100 per cent liquidity ratio set under Basel III rules.

The owner-managed Geneva-based firm reported SFr609 billion ($689 billion, £504 billion) in client assets at the end of 2020. The group provides wealth and asset management to private clients and institutional investors globally.

"Pictet once again showed its strength in 2020, a year marked by the COVID-19 pandemic, and opened offices in New York, Shanghai and Monaco,” group senior managing partner, Renaud de Planta, said.

He said the group has continued to invest in talent and technology across its business strands and has "significantly expanded" headcount for the year. The group employs around 4,000 personnel globally.

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