Geneva-based wealth manager Pictet reported a decline in profits and client assets in 2022 in a challenging year for markets.
Pictet reported a consolidated net profit of 768 million Swiss francs ($833 million) in 2022, according to the bank’s unaudited annual results, down about 24 percent from 1.01 billion francs in 2021.
This includes a 2 percent decrease in operating income to 3.19 billion francs.
After adjusting for extraordinary income, mainly from the sale and lease-back in 2021 of its Geneva headquarter, net profit fell 1 percent.
Client Assets
The bank registered 612 billion francs in assets under management or custody, down from 698 billion francs at end-2021.
In terms of new money, it attracted 4 billion francs of net inflows.
Regulatory Ratios
Pictet's liquidity coverage ratio was 176 percent at the end of the year compared to the 100 percent required by Basel III. Its regulatory capital of 3.39 billion francs means its 27.4 percent total capital ratio was more than twice the 12 percent requirement set by Swiss regulator Finma.
«Pictet achieved solid results in 2022 in an overall difficult year for financial markets. Rising interest rates, increased client activity in the last quarter of the year, and our growing alternative investment business contributed positively,» said senior managing partner Renaud de Planta.
