Geneva-based private bank Mirabaud defends its asset base and profits in a difficult environment. Earnings show signs of renewed momentum.
Geneva-based Mirabaud Group reports a consolidated net profit of 19.2 million Swiss francs ($21.9 million) as of June 30 thanks in particular to a 9 percent revenue increase.
Mirabaud called Thursday's results «a resilient performance» amid an appreciation of the Swiss franc.
«Our performance in the first half of the year is in line with our long-term strategic objectives and reflects prudent and competent balance sheet management,» said Yves Mirabaud, senior partner of the Group.
Defending the Asset Base
Assets under management were 31.2 billion francs at the end of June 30, of which 7.1 billion is attributable to asset management. Six months earlier, the Group managed 31.5 billion.
Mirabaud reported an income of 162.2 million francs for the first six months, up from 149.1 million during the same period a year ago, consisting of commissions of 101.3 million, trading income of 12.9 million, and a higher interest margin of 38.2 million. Operating expenses increased to 123.1 million from 121.4 million, leaving an operating profit of 24.1 million compared to 23.5 million for the first half of last year.
The Group's Tier 1 capital ratio of 20.3 percent significantly exceeds the minimum requirements and has remained stable compared to 20.6 percent at the end of last year.
