Swiss financial group Pictet has released its results for the first six months of 2017. The firm reported a consolidated net profit of CHF247m (€216.3m), up 29% on a year-on-year basis (CHF 190.8m in H1 2016).
Pictet has also seen a 3.68% rise in assets under management in the first half of the year to CHF479bn (€419.5bn) as of 30 June 2017 from CHF462bn (€404.5bn) as at 31 December 2016.
The company explained the increase was due to important net inflows recorded in its wealth management and asset management divisions.
In addition, Pictet presents a common equity tier-1 (CET1) ratio of 21% with CHF2.5bn (€2.19bn) of own funds while capital ratios set by Basel III regulation and Swiss financial market watchdog Finma are 4.5% and 7.8% respectively.