Mirabaud, the Genevan private bank, had a massive increase in profit in 2018 despite the decline in equities prices that weighed on its assets.
Mirabaud had a profit of 59.6 million Swiss francs ($60 million) in 2018, up 47 percent from a year earlier, according to a statement released on Wednesday.
Revenue increased 12 percent to 342.3 million francs. The jump in profit proved the appropriateness of the company’s growth strategy, said Yves Mirabaud, the senior managing partner at the bank.
International Expansion
The bank last year continued to internationalize its business and is about to open businesses in Uruguay and Brazil. Mirabaud in December 2018 acquired an asset management firm in Brazil. The bank also plans to open up a branch in Abu Dhabi.
The difficult markets especially in the second half of 2018 left an impression on the results of the bank. Assets under management declined to 32.3 billion francs. In asset management, the total dropped to 6.6 billion francs from 8.8 billion over the course of the second half, a trend a trend that was reversed at the beginning of 2019.
