209-year-old Swiss bank Pictet publishes results for the first time
Pictet, one of Switzerland's oldest banks, published first-half results for the first time in its 209-year history on Tuesday.
The figures showed an operating income of CHF 975m (£642m) in the six months to the end of June, and a consolidated profit of CHF 203m (£134m).
Although it did not publish data from previous periods to compare the results with, senior managing partner Jacques de Saussure said 2014 had been a "very difficult year".
Interest rates are very low and volatility is very low, so we have had low volumes in forex and other transactions.
During the period, the bank's leverage ratio was 5.4 per cent – but excluding cash assets, set aside in case a client wants to make a large withdrawal, the ratio rises to 7.2 per cent.
The bank's core tier one capital ratio was also unusually conservative, at 21.7 per cent – almost three times the level required by the Swiss Financial Market Supervisory Authority of a bank the size of Pictet.
The figures are the first in a general move towards more transparency for Swiss banks.
In January Pictet switched its ownership model from unlimited liability partnership. Under the old model, it didn't have to publish results – but it also meant if it collapsed, partners would have been held to account.
In January 2013 when private bank Wegelin collapsed, its partners held personal financial liability.
On Thursday Pictet's Swiss neighbour Lombard Odier will publish the first financial results in its 218-year history.
— UPDATE: This article has been changed to show the bank's core tier one capital ratio is close to triple the requirements of the Swiss FINMA, not double.