Full-year 2023 figures

The Pictet Group today released unaudited figures for the full year 2023, ahead of the publication of its annual report at the end of April.

For the year ended 31 December 2023, the operating income of the Group was CHF 3.162 billion (-1% compared to the end of 2022). The significant strengthening of the Swiss franc, adversely impacted assets under management and operating income.

The consolidated net profit stood at CHF 577 million (-25%), following the settlement with the US Department of Justice. Adjusted for one-off events, the consolidated net profit was 9% lower than 2022.

Assets under management or custody stood at CHF 633 billion (+4%) as of 31 December 2023. Net new money amounted to CHF 16 billion in 2023.

The Group’s equity and regulatory liquidity and capital ratios remain very solid. As of 31 December 2023, total equity stood at CHF 4.104 billion. The liquidity coverage ratio was 198%, compared to the 100%required by Basel III and the total capital ratio was 29.0%, comfortably above the 12% requirement set by Pictet’s Swiss regulator FINMA.

Renaud de Planta, Senior Managing Partner of the Pictet Group, said, “2023 was a challenging year for the financial industry, accompanied by turmoil in some parts of the banking sector. Against this backdrop, Pictet confirmed its stability and commitment to quality. Clients recognise the benefit of our long-term business model, which is reflected in our solid net new money. Our operating income was stable in 2023, despite the turbulent market conditions. We continue to invest in both talent and technology to deliver the premium Pictet standard we are known for.”