Pictet announces full-year 2022 figures and change on Board of Partners
The Pictet Group today released unaudited figures for the full year 2022, ahead of the publication of its annual report at the end of April.
Pictet also announced that Managing Partner Bertrand Demole has decided to step down on 30 June of this year after 22 years at the firm. He will retain a non-executive role with the Group.
For the calendar year ended 31 December 2022, the operating income of the Group was CHF 3.191 billion (-2% compared to the end of 2021) and its operating result rose from CHF 924 to CHF 930 million (+1%). The consolidated net profit stood at CHF 768 million. Adjusting for extraordinary income (mainly the sale and lease back in 2021 of its Geneva head-office), the net profit is down -1%.
Assets under management or custody stood at CHF 612 billion as at 31 December 2022. Net new money amounted to CHF 4 billion in 2022.
The Group’s regulatory liquidity and capital ratios remain very solid. As at 31 December 2022, the liquidity coverage ratio was 176%, compared to the 100% required by Basel III. With CHF 3.39 billion of regulatory capital, the 27.4% total capital ratio was comfortably above the 12% requirement set by Pictet’s Swiss regulator FINMA.
After more than 12 years as a managing partner and 22 years in the Group, Bertrand Demole has decided to step down from his role at the end of June 2023. He will continue as a non-executive vice chairman on the Board of Pictet Alternative Advisors Holding SA, the business he spent 20 years developing.
Renaud de Planta, Senior Managing Partner of the Pictet Group, said, “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. We continue to benefit from our focus on investing and providing exceptional service to clients.
We thank Bertrand for his contribution to Pictet and the partnership over many years. He has been deeply committed to bringing success to the business units under his supervision, from trading to asset services, always leading from the front. We will miss his entrepreneurial spirit but respect his decision and are glad that he has agreed to stay on in a non-executive role.”
Bertrand Demole said: “I started my first internship at Pictet when I was thirteen years old and have devoted my career to the firm out of a passion for its unique heritage. The Group is doing tremendously well. I am thankful for what we have accomplished together and everything my colleagues have given me. Now is the time for me to pass on what we have created, but I will remain a permanent ambassador of Pictet.”