The Pictet Group today released unaudited figures for the first half of 2022 showing operating income of CHF 1.577 billion (up 2% compared with the first half of 2021), and total operating expenses before tax of CHF 1.110 billion (up 3%).

Net profit is up 1% to CHF 380 million, adjusting for the one-off gain in the first half of 2021 from the sale (sale and lease back) of the main building of Pictet in Geneva. Taking into account this one-off gain, consolidated net profit is down 40%. Assets under management or custody stood at CHF 610 billion at 30 June 2022, compared with CHF 698 billion at 31 December 2021, driven by market fluctuations.

The Pictet Group's total capital ratio remains strong. At 30 June 2022, the total capital ratio was 23.5%, well above the minimum of 12% required by FINMA, based on CHF 3.06 billion of total regulatory capital.

Renaud de Planta, Senior Managing Partner, said: "After two years of pandemic and following Russia’s invasion of Ukraine, the world entered a new and more fractured global order. Both events have inverted the macroeconomic backdrop of the past two decades, with a shift from low inflation and low interest rates to high inflation and rising interest rates. The impact of the market-driven drop in our assets under management has been partly offset by rising interest rates.

Pictet's business model is geared to stability and long-term investment leadership. We continue to invest in technology and talent and are focused on generating value for our clients. They recognise and aim to leverage the benefits of active managers in this challenging market environment."