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Pictet lifts veil of secrecy as it posts first ever results

Pictet lifts veil of secrecy as it posts first ever results

Pictet posted a net profit of CHF203 million (£133 million) in the first half of the year as the Swiss private bank published its results for the first time in its 209-year history.

Lifting the lid on the workings of the company, Pictet revealed its return on equity was 17.6% and its tier one capital ratio was a highly conservative 21.7%.

The private bank provided no past results as a comparison point and has only started to publish its numbers after converting from a unlimited liability partnership to a corporate partnership structure earlier this year.

Elsewhere, Pictet revealed that its leverage ratio is 5.4%, reflecting its balance sheet strength and cautious approach to lending to clients. In total, the private bank has CHF404 billion assets under management.

Pictet is one of several Swiss banks being probed by the US Department of Justice as it continues its investigations into American citizens using offshore banks to avoid paying tax.

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