J. Safra Sarasin posted a significant jump in profit last year. The Swiss-Brazilian banking group is seeing daylight after the integration of several acquisitions.
J. Safra Sarasin’s net profit jumped by more than 25 percent on the year to 315.3 million Swiss francs, the bank disclosed on Wednesday evening. Assets under management increased by 14.5 percent to a record 170 billion francs.
The bank bettered its cost-income ratio to 54.8 percent from 60 percent. «Our excellent performance in 2017 was driven by strong operating efficiencies and the investments we have made in recent years,» said J. Safra Sarasin's bank Chairman Ilan Hayim.
Eyeing More Deals
During the year the group successfully integrated private banking teams from Credit Suisse in Gibraltar and Monaco. The firm also acquired Bank Hapoalim's businesses in Switzerland and Luxembourg.
«We are a leading consolidator in the private banking market. We will continue to evaluate opportunities globally,» said Jacob Safra, Chairman of J. Safra Holdings International and Vice Chairman of J. Safra Sarasin Group.
The bank's shareholder's equity stood at 4.8 billion francs at year-end, and it recorded a 28.8 percent Common Equity Tier 1 ratio – the hardest form of capital cushion.
