J. Safra Sarasin Increases Profit Despite Fewer Managed Assets: Private bank J. Safra Sarasin managed to attract new money last year in what was a difficult market environment for wealth managers. jsafrasarasin 2022results
J. Safra Sarasin reported a four percent increase in net profit last year to 440.2 million Swiss francs improving from the 423.2 million it made the year before, according to annual results released Tuesday.Clients entrusted the wealth manager with four billion francs of new money last year. Although that was only about a quarter of the 15 billion the bank took in during 2021, the increase is still a notable achievement given the difficult market environment the industry faced last year.
The unfavorable market conditions were reflected in total assets under management which contracted 12 percent to 197.4 billion francs at the end of 2022 from 224.7 the year before. Commenting on the results, chairman of the board Juerg Haller said «our financial strength and robust performance in all regions and regions and businesses put us in an excellent position for sustainable and continued growth.»Its core capital position improved to 6.2 billion francs last year from 5.7 billion, resulting in a CET1 ratio of 44.1 percent, higher than the 38.7 percent it attained in 2021 and «significantly above regulatory requirements,» according to the bank.
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