The Geneva-based private bank issued its H1 results for this year.

Geneva-based Mirabaud, which like peers Pictet and Lombard Odier started reporting results about five years ago after changing its governance, yesterday announced that assets under management had risen to SFr34 billion ($34.6 billion) at the end of June, rising by 5 per cent from the end of December last year.

The firm, which marked its bicentenary this year, said that results matched what it had expected.

Income for the first half of 2019 was SFr164.6 million (rising from SFr174.0 million in the first half of 2018). This figure includes the result from commission business of SFr119.7 million (SFr134.8 million as at 30 June 2018), the result from interest operations of SFr14.3 million (SFr16.9 million as at 30 June 2018) and from trading activities.

Operating costs before depreciation, amortisation and tax were SFr134.9 million, up a touch from a year ago. 

The private bank’s consolidated profit was SFr26.1 million, narrowing from SFr29.9 million in the first half of 2018.

The firm reported a Tier 1 ratio – a measure of capital strength - of 20.4 per cent, far over required minimum levels.

Mirabaud said it continued to expand, opening new offices in Brazil and Uruguay, with Abu Dhabi to follow “very shortly”. 

The bank shifted from being an unlimited liability ownership structure to a limited liability business half a decade ago, along with a number of its rivals. Since then, it has issued financial results, having not previously done so.