The effects of lower interest rates hit Pictet’s bottom line which resulted in lower profits for the first six months of 2024.
Pictet posted a consolidated profit of 320 million Swiss francs ($377 million) in the first half of 2024, according to the bank’s financial results, down 12 percent year-on-year.
Operating income fell 3 percent to 1.6 billion francs due to «significantly lower interest income». Operating expenses grew 2 percent to over 1.1 billion francs as the bank continued to invest in private assets and its Asia businesses as well as technology and infrastructure.
AUM Growth
Meanwhile, assets under management or custody rose 10 percent to 694 billion francs.
«We are satisfied with our results as we saw a robust increase in assets under management due to good investment performance, favorable market conditions and new money inflows,» commented senior managing partner Marc Pictet.
