Geneva-based Pictet joins the club of Swiss private banks topping the 1 billion Swiss franc profit mark.
Pictet Group’s consolidated net profit came to 1.01 billion Swiss francs ($1.09 billion) last year, representing a 75 percent rise over the previous year, it said in a statement Wednesday.
Besides favorable market conditions, the results were boosted by the highest ever net new money inflows as well as an extraordinary gain from the sale and leaseback of its main building in Geneva. Excluding the real estate transaction, profit was 924 million francs, up 33 percent.
As the bank took in a record 29 billion francs in new money last year, its assets under management and custody holdings rose to an all-time high of 698 billion francs, increasing 15 percent from 609 billion francs in 2020.
Talent and Technology
«2021 was an excellent year for Pictet,» senior managing partner Renaud de Planta, said.
«We benefited from our clear focus on bringing investment leadership and bespoke services to our clients. This commitment will continue in 2022 with record investments in talent and technology,» he added.
Billion Dollar Club
Last week, Zurich-based Julius Baer reported a profit of over one billion Swiss francs for 2021.
