Pictet announces full-year 2020 figures: Excellent investment performance leads to strong result
The Pictet Group today released unaudited figures for the full year 2020, ahead of the publication of its annual report before the end of April.
For the calendar year ended 31 December 2020, the Pictet Group reported a rise of 10% in its operating income to CHF 2.885 billion, and a 7% rise in consolidated net profit to CHF 577 million.
Assets under management or custody rose by 6% to an all-time high of CHF 609 billion at 31 December 2020 from CHF 576 billion at 31 December 2019. This is due to both the excellent investment performance and strong inflows of net new money across all of the Pictet Group's business units. Net new money for the Group totalled CHF 24 billion in 2020.
The common equity Tier 1 (CET1) ratio was 20.2% (based on CHF 2.59 billion of core capital, the most solid form of capital), while the liquidity coverage ratio was 182%, both at 31 December 2020.
These ratios compare with the minimum 7.8% common equity Tier 1 (CET1) ratio set by Pictet’s Swiss regulator FINMA, and the minimum 100% liquidity coverage ratio under the BIS’s Basel III requirements.
Renaud de Planta, the Pictet Group’s Senior Managing Partner, said, “Pictet once again showed its strength in 2020, a year marked by the Covid-19 pandemic, and opened offices in New York, Shanghai and Monaco. We have also continued to invest in talent and technology throughout the Group and significantly expanded our headcount. The strong inflows of new client assets are due in no small part to the excellent investment performance across our business units.”