The Swiss private bank hiked its profit discouraging setbacks last year. What was behind the private bank's improvement?
Geneva's Pictet reported 1.18 billion Swiss francs in first-half revenue, feeding an gross profit of 319 million francs and 247 million francs after taxes.
This represents an improvement of 14 percent, 31 percent and 29 percent respectively – a considerable improvement after setbacks reported earlier this year.
«Our improved results reflect new client acquisitions as well as strong markets,» senior partner Nicolas Pictet said.
«Healthy Inflows»
Pictet's overall assets rose by 17 billion francs compared to year-end to 479 billion francs. Both its key private banking and asset management arms contributed «healthy net inflows,» the bank said.
Unlike rival Mirabaud, which also disclosed several key metrics on Wednesday, family-controlled Pictet doesn't report any specifics on how much money it took in.
U.S. Silence
The bank's core Tier 1 ratio edged higher to 21 percent, like most private banks leaps and bounds ahead of the regulatory 7.8 percent minimum.
The elephant in the room for Pictet is a long-running conflict with U.S. authorities over how the bank may have helped wealthy Americans hide from taxes.
The Genevan firm is among a handful of Swiss banks including regional lender Zuercher Kantonalbank, Rahn and Bodmer who are waiting to settle with Washington prosecutors.
