The Genevan private bank's first-half profit didn't benefit as abundantly from heady corona trading as its Swiss rivals.
Family-controlled Mirabaud's first-half profit slipped more than 22 percent to 20.4 million Swiss francs ($22.4 million), it said in a statement on Friday. Last year's profits were smoothed by a one-time 8 million franc windfall.
The result is less than stunning when stripping out the unusual factor: Mirabaud lowered its spending by nearly seven percent on the year to less than 126 million francs, mainly with sharply lower costs for staff. Total income edged six percent lower to 155.3 million francs.
Assets Melt
The bank, which is known for not buying and selling securities on its own book, hardly benefited from trading and only marginally from commissions on clients' trading and investments. It said assets melted to 32.7 billion francs due to slides in market values, from 34.7 billion francs at year-end.
Mirabaud highlighted several strategic advances in the first half including hiring for its flagship private equity team, a new fund, as well as expanding its business in Brazil, where it won an additional license to advise the country's wealthy.
