The family-owned bank reported net profit rising by almost 10 percent, as assets under management grew by double-digits. Just recently the firm appointed a new CEO.
Swiss-based J. Safra Sarasin saw net profits grow by 9.5 percent to 380.2 million francs for 2019, from 347.3 million francs a year ago. Meanwhile, assets under management grew by 13.0 percent to 185.8 billion francs from 164.6 billion francs, with net new assets of 5.6 billion.
«We are pleased to report robust results again for 2019, which demonstrate the key principles that assure the Group’s stable performance year after year: client focus and internal discipline,» said Jacob J. Safra, chairman of J. Safra Holdings International, in a media statement on Friday.
Enabled Risk Reserves
Group Tier 1 Capital rose to 5.0 billion Swiss francs, up from 4.7 billion Swiss francs, with a Common Equity Tier 1 ratio of 31.3 percent, well in excess of regulatory requirements.
The strength of the balance sheet enabled a significant increase in goodwill amortization and release of general banking risk reserves, the group said.
New Asia CEO
Recently, J. Safra Sarasin has appointed Andy Chai as its Asia CEO. Globally, the J. Safra Group has total assets under management of over $270 billion and aggregate stockholders equity of $19.6 billion.
Controlled by the Joseph Safra family, the group consists of privately owned banks under the Safra name and investment holdings in asset-based business sectors such as real estate and agribusiness.
