Swiss private banks managing more wealth than ever, report finds

ZURICH (Reuters) -Swiss private banks saw assets under management climb to a record 3.4 trillion Swiss francs ($4.24 trillion) in 2024, driven by positive financial markets, KPMG said on Thursday.

Net profits in the sector grew to more than 4 billion Swiss francs last year, up from just over 3.1 billion in 2023, despite declining interest income and rising costs, the annual study of Swiss private banks added.

Earnings grew largely due to higher commission and trading income, with the market environment expected to become increasingly challenging, the report said.

"Since (...) the SNB has lowered its policy rate to zero, banks now have to shift their focus back to their core commission-based business," said KPMG's Christian Hintermann, referring to June's rate cut by the Swiss National Bank.

The number of private banks in Switzerland has steadily declined and is likely to fall below 80 by the end of 2025, nearly half the number in 2010, the report said.

($1 = 0.8025 Swiss francs)

(Reporting by Ariane LuthiEditing by Dave Graham)

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