Mirabaud private bank had a slightly lower first-half profit in 2019 as commission income declined. Still, the bank also had some upbeat news to report on.
Mirabaud, which is based in Geneva, had a profit of 26.1 million Swiss francs ($26.6 million) in the first six months of 2019 compared with 29.9 million in the same period of 2018.
The drop was mainly due to a decline in commission income to 119.7 million francs from 134.8 million in 2018. Commission income is the biggest earnings component. Interest income also fell.
Costs Under Control
Assets under management increased in the first six months to 34 billion francs, having declined towards the end of 2018. Also on the plus side, the bank reported that clients had become more active – unlike at larger rival Lombard Odier. Revenues from trading rose to 22.6 million from 18.2 million.
The bank recently had unveiled several new branches and also plans to open a new outlet in Abu Dhabi. Despite the expansion of its network, the bank reported almost unchanged operating costs of 134.9 million francs.
