J. Safra Sarasin Group announces excellent performance in 2017
- Group net profit jumped by 25.1% to CHF 315.3 million for 2017 from CHF 252.1 million in 2016.
- Assets under management increased by 14.5% to record CHF 170.0 billion from CHF 148.5 billion in 2016.
- Operating Income rose by 13.3% to CHF 1,187.3 million from CHF 1,047.9 million in 2016.
- Cost income ratio further improved to 54.8% from 60% in 2016, reinforcing the Group’s performance as one of the best in class in the private banking industry.
- Group shareholders’ equity of CHF 4.8 billion at end of 2017, up from CHF 4.4 billion at the end of 2016, with all net profit allocated to retained earnings.
- Financial strength maintained with a Common Equity Tier 1 ratio of 28.8%, significantly exceeding regulatory requirements.
- Successful integration of private banking teams from Credit Suisse in Gibraltar and Monaco.
- Announcement of acquisition of Bank Hapoalim businesses in Switzerland and Luxembourg.
Jacob J. Safra, Chairman of J. Safra Holdings International and Vice Chairman of J. Safra Sarasin Group:
“The outstanding results of 2017 are a testament to the strategy, management principles, quality of our staff and the performance culture we have instilled in the Group. We are proud to be one of the best capitalized banks in Switzerland with Group shareholders’ equity of CHF 4.8 billion and a CET1 ratio of 28.8%. We are a leading consolidator in the private banking market, thanks to our flexibility, liquidity and capital strength. We will continue to evaluate opportunities globally which fit with our client focus and culture.”
Ilan Hayim, Chairman of the Board of Bank J. Safra Sarasin:
“Our excellent performance in 2017 was driven by strong operating efficiencies and the investments we have made in recent years. Assets under management increased by over 14% to CHF 170 billion, net profit jumped by over 25% to CHF 315.3 million, and our cost-income ratio just below 55% is one of the best in class. A key strength is our ability to integrate the diverse talents of over 60 nationalities, both from acquisitions and organic growth.”