Geneva-headquartered Pictet reported a solid result for 2024. Clients value the stability the firm provides in an everchanging industry and volatile geopolitical landscape, according to the Swiss private bank's owners.
Geneva-based Pictet Group released unaudited figures for the full year 2024 on Tuesday, ahead of its annual report due to be published at the end of April.
For the year ending 31 December 2024, the consolidated profit rose by 15 percent to 665 million francs ($729 million), while the group’s operating income remained in line with the previous year at 3.16 billion francs.
In 2023, the bank delivered a profit of 577 million francs. This figure was 25 percent below the previous year (2022). The reason was a fine of $122 million the bank had to pay to authorities in a tax dispute with the US.
Less Net New Money
Assets under management (AUM) stood at 724 billion francs, up 14 percent. Net new money for 2024 totaled 11 billion francs, compared to 16 billion francs a year before.
Marc Pictet, Senior Managing Partner, Pictet (Image: provided)
Commenting on the results, Marc Pictet, senior managing partner, said: «We achieved solid results in 2024. Investment performance was excellent and positive market effects helped us reach an all-time high in AUM.»
Volatile Geopolitical Landscape
The group’s equity, regulatory liquidity and capital ratios remained robust. Total equity amounted to 3.78 billion francs and the liquidity coverage ratio was 212 percent, exceeding the 100 percent requirement under Basel III. The total capital ratio stood at 24.5 percent, well above the 12 percent requirement set by Swiss regulator Finma.
«Clients continue to value our distinct investment capabilities and the stability we provide in an ever-changing industry and volatile geopolitical landscape,» Marc Pictet added.
Unchanged Since Its Foundation in 1805
The Pictet Group is a partnership of owner-managers, with principles of succession and transmission of ownership that have remained unchanged since its foundation in 1805.
Today, the Swiss firm is one of Europe’s leading independent wealth and asset managers for private clients and institutional investors, employing around 5,500 people in 30 offices worldwide.
