Despite geopolitical uncertainty and a global economic slowdown, private bank J. Safra Sarasin shows strong performance in 2018, with net profits and operating income growing.
J. Safra Sarasin has reported robust results for 2018, with its full-year net profit for 2018 up 10.2 percent to 347.3 million Swiss francs (US$348 million), and operating income up 1.8 percent to 1.2092 billion francs, the Brazilian-Swiss private bank highlighted in its 2018 Annual Report published on Friday.
«The solid performance of 2018 is a testament to the consistent revenue generation of our core business and the prudence with which we manage the Group at all times. It is our first responsibility to ensure the Group remains as strong as possible to weather different economic cycles, to provide a safe harbor to our clients and to guide them accordingly,» Ilan Hayim, the chairman of the bank's board, said.
J. Safra Sarasin's cost-income ratio remained stable at 55.5 percent, reinforcing the group's performance as one of the best in class in the private banking industry. The bank reported 165 billion Swiss francs in assets under management.
The bank's financial strength was highlighted by a Common Tier 1 Equity ratio of 31.8 percent, which significantly exceeds regulatory requirements. Its group shareholders' equity also grew by 300 million francs to reach 5.1 billion at the end of 2018.
30th Anniversary
The past year also saw the bank successfully integrating Israel-based Bank Hapoalim's private banking businesses in Luxembourg and Switzerland. In 2019, the group is celebrating 30 years as a pioneer and leader in sustainable investing.
«Our resilience and performance continue to be founded on stable ownership, exceptional capital strength, prudent controls, and investments with a long-term perspective. These qualities ensure that the group is well-positioned to benefit from opportunities that may arise as the banking industry develops,» said Jacob J. Safra, chairman of J. Safra Holdings International and vice chairman of J. Safra Sarasin Group.
