Pictet Group posts 3.7% drop in profits for H1 2023

AUM and new cash rises

Pictet Group’s net profit has fallen in the first half of 2023 at CHF 366m (£327.3m), down from CHF 380m as of the end of June 2022.

In its H1 2023 results published today (31 August), the company reported assets under management or custody grew in the first six months of the year to CHF 638bn from CHF 612bn at the end of December 2022. Net new money also saw a significant increase to CHF 15bn, up from CHF 4bn at the end of last year. Pictet AM launches fund investing in a regenerative economy Operating income was up 3% from H1 2022 (CHF1.6bn), alongside a 3% increase in total operating expenses before tax (CHF 1.1bn) and an operating result of CHF 475m, representing a 2% rise. The company, however, noted its...