The Pictet Group’s profts and AUM fell during H1 2022.

Operating income was up two percent at CHF 1.577 billion, with total operating expenses before tax up three percent at CHF 1.110 billion.

However, the bank's net profit was down 40 percent from the end of 2021, though rose one percent when adjusted for a one-off gain from the sale and lease back of its main building in Geneva last year.

The bank also reported assets under management fell to CHF 610 billion in H1 2022, do...