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Swiss private bank Pictet releases financial results first time

English.news.cn   2014-08-27 07:39:09

GENEVA, Aug. 26 (Xinhua) -- Swiss private bank Pictet group released its half-year report of 2014 on Tuesday for the very first time in its 209-year history amid the United States tax investigation.

Pictet posted an operating income of 975 million Swiss francs (about 1,065 million U.S. dollars) and a net profit of 203 million Swiss francs for the first six months this year. The bank revealed no history data in this regard.

Assets under management or custody of the Swiss bank amount to 404 billion Swiss francs at the end of June this year, up 13 billion Swiss francs since December 31, 2013, which confirmed its position as the third largest wealth manager by assets in Switzerland behind UBS and Credit Suisse.

Among the publicized figures, the bank’s core tier one capital ratio -- a key financial ratio measuring a bank’s capital adequacy or financial stability -- was reported at 21.7 percent, nearly tripled the 7.8 percent required by Swiss financial authorities.

Pictet said that the disclosure of the above figures was “a consequence of its new legal structure,” referring to the bank's switch from its centuries-old unlimited liability partnership to a corporate partnership in January this year.

Pictet, still owned by eight partners, is one of around a dozen Swiss banks under criminal investigation by the United States for allegedly helping American citizens evade taxes. The bank has previously declared its commitment to fully cooperating with the investigation.

Pictet’s publication of its results came days before the await unveiling of earnings by another Swiss private bank Lombard Odier also for the first time since it was established in 1796.

Editor: yanting
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