The bank Piguet Galland & Cie SA today announces its results for the 2023 financial year. Despite a global economic environment that remains uncertain, the Bank has maintained its commercial dynamism and demonstrated remarkable financial resilience, recording significant growth in all aspects of its operations, with net profit almost double that of 2022.
Excellent results for the past financial year
Indeed, operating profit attained CHF 16.1 million, an increase of 92% on the previous year. Even more remarkably, net profit was 13.8 million Swiss francs, also 92% up on the previous year.
Growth in assets under management
The Bank maintained a solid growth trajectory in terms of assets under management. At the end of 2023, assets under management reached CHF 7.1 billion, achieving an increase of 9% compared to the previous year. This growth was driven by net new inflows of CHF 474 million in 2023, mainly from local clients on the French-speaking Swiss market.
Revenue growth
The growth in assets under management, combined with the positive impact of the financial markets and higher interest rates, helped boost the Bank's revenues. In 2023, total revenues rose by 19% to CHF 71.1 million.
Financial stability and external recognition
The Bank's overall capital ratio increased to 16.8% in 2023, exceeding the regulatory requirement of 13.9%. In addition, the BCV Group, the majority shareholder of Piguet Galland, has a comfortable capital ratio of 18%, also above the regulatory requirement of 14%. These figures testify to the Group's financial stability and solidity.
On the balance sheet, although mortgage loans grew by 3%, the total balance sheet remained stable at CHF 1.3 billion. Shareholders' equity also rose by 14%, reaching CHF 86.3 million at the end of 2023.
In addition to the excellent financial results, 2023 was a remarkable year in many respects. Piguet Galland was once again recognised by the WealthBriefing Awards, winning the prize for the best bank for high-net-worth Swiss domestic clients and seeing its Head of Private Banking, Selman Bicaco Urrutia, named "Rising star under 40". The Bank was also named "Best Swiss Private Bank" by International Banker for the third consecutive year. Finally, Piguet Galland was awarded B-Corp certification, highlighting its commitment to corporate social responsibility (CSR).
Outlook for the future
For the coming year, Piguet Galland plans to maintain its growth trajectory by continuing to strengthen its commercial teams at the six sites where the Bank is present in French-speaking Switzerland and by pursuing its strategic initiatives, particularly in the area of digitalising client interfaces and strengthening its CSR approach. The Bank remains determined to meet the evolving needs of its clients and to remain the epitome of a local banking institution.
